Bank of Maharashtra Q2 net doubles YoY to Rs 535 cr as NIM improves

Lender eyes equity offering by Q4FY23 or early FY24

Bank of Maharashtra’s (BoM's) net profit rose by 103 per cent year on year (YoY) to Rs 535 crore in the quarter ended September (Q2FY23), on the back of an improvement in its net interest margin (NIM).

The Pune-based public sector lender had posted a net profit of Rs 264 crore in (Q2FY22).

The bank’s stock was trading 4.74 per cent higher at Rs 18.8 per share on BSE on Monday.

BoM's net interest income (NII) was up 25.84 per cent YoY in Q2FY23 to Rs 1,887 crore. Its NIM improved to 3.55 per cent in Q2FY23 from 3.27 per