PANAJI
State-owned Bank of Maharashtra (BoM) posted a two-fold jump in its net profit to Rs 535 crore in the September 2022 quarter aided by a decline in bad loans and a rise in net interest income.
The bank’s stock was trading 4.74 per cent higher at Rs 18.8 per share on BSE on Monday, stated a press release.
The lender had reported a standalone profit of Rs 264 crore in the year-ago period. Total income increased to Rs 4,317 crore during the quarter under review against Rs 4,039 crore in the same period last year, the release adds.
Its Net Interest Margin (NIM), a key profitability parameter, improved further to 3.55% for the quarter which is even better than the preceding quarter's 3.28%. Net interest income rose 26% at Rs 1,887 crore against Rs 1,500 crore in the year-ago period.
