Bank of Maharashtra Q2 net up 103% to Rs 264 cr on robust interest, income

Bank of Maharashtra (BoM) on Thursday reported an over two-fold jump in net profit on a year-on-year (YoY) basis in the quarter ended September 2021 (Q2FY22), helped by robust interest and fee income.

The state-owned bank’s net profit rose 102.7 per cent YoY to Rs 264 crore from Rs 130 crore, a regulatory filing said.

Its net interest income (NII) grew 33.84 per cent YoY to Rs 1,500 crore in Q2. The non-interest income was up 22.61 per cent to Rs 493 crore, which includes recoveries worth Rs 260 crore from exposure to DHFL. The bank’s deposits increased 14.47 per cent to Rs 1.81 trillion and gross advances grew 11.44 per cent to Rs 1.15 trillion on a YoY basis.

Its asset quality profile improved with gross non-performing assets (NPAs) declining to 5.56 per cent in Q2, from 8.81 per cent in the year-ago period.