Sunday, October 24, 2021

Bank Of Maharashtra Profit Doubles To ₹ 264 Cr. in Q2FY22 | Stock Outlook

Bank of Maharashtra announced its July-September quarter results for the financial year 2021-22 on Thursday, reporting a net profit of ₹ 264 crore on a consolidated basis, compared to ₹ 130.44 crore in the corresponding period last year, marking a growth of 103 per cent year-on-year. The bank's net profit doubled in the second quarter of the current fiscal, mostly driven by net interest income and better overall business. 

The state-run lender's net interest income (NII) -the difference between interest earned and interest expended, grew by 33.84 per cent to ₹ 1,500 crore in the September quarter, compared to ₹ 1,120 crore in the year-ago period. Net interest income was up 6.66 per cent on a quarter-on-quarter basis.

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The bank's total income during the July-September quarter rose to ₹ 3,700.44 crore, compared to Rs 3,270.07 crore in the corresponding period last year, according to a regulatory filing by Bank of Maharashtra to the stock exchanges today. 

The asset quality improved as the gross non-performing assets (NPAs) fell to 5.56 per cent of the gross advances as of the September quarter, compared to 8.81 per cent in the year-ago period. The net NPAs or bad loans also declined to 1.73 per cent from 3.30 per cent.

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Stock Outlook

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