You are here: Home » Finance » News » Banks
Business Standard

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

The state-owned bank's net profit rose 102.7 per cent YoY to Rs 264 crore from Rs 130 crore

Bank of Maharashtra | Q2 results

BS Reporter  |  Mumbai 

Bank of Maharashtra
Bank of Maharashtra | Photo: Wikipedia

(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.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, October 22 2021. 05:02 IST