Bank of Maharashtra Profit More Than Doubles to Rs 452 Crore in June 2022 Quarter

0
51
Bank of Maharashtra Profit More Than Doubles to Rs 452 Crore in June 2022 Quarter


Last Updated: July 18, 2022, 19:09 IST

Bank of Maharashtra’s asset high quality improved with the gross NPAs falling to 3.74 per cent of the gross advances as of June 30, 2022.

The financial institution’s whole earnings throughout April-June 2022-23 fell to Rs 3,774.32 crore from Rs 3,790.72 crore in the identical quarter of 2021-22, the state-owned financial institution mentioned in a regulatory submitting.

Bank of Maharashtra’s internet revenue greater than doubled to Rs 451.90 crore in the April-June quarter in contrast to Rs 208.01 crore in the year-ago quarter, the lender mentioned on Monday. Total earnings throughout April-June 2022-23 fell to Rs 3,774.32 crore from Rs 3,790.72 crore in the identical quarter of 2021-22, the state-owned financial institution mentioned in a regulatory submitting.

The financial institution’s asset high quality improved with the gross non-performing property falling to 3.74 per cent of the gross advances as of June 30, 2022, as in opposition to 6.35 per cent in the year-ago interval. In worth phrases, gross NPAs stood at Rs 5,259.62 crore by Q1FY23, down from Rs 7,021.63 crore by Q1FY22.

The internet NPAs got here down to 0.88 per cent (Rs 1,206.43 crore) from 2.22 per cent (Rs 2,352.75 crore). Provisions for unhealthy loans and contingencies for the quarter fell to Rs 548.41 crore from Rs 753.10 crore in the identical quarter of FY22.

The Pune-based lender mentioned there was an impression due to change in accounting coverage, ensuing in lower in different earnings and internet revenue after tax by Rs 22.03 crore throughout the quarter ended June 30, 2022. Provision protection ratio (PCR) as of June 30, 2022 is 95.04 per cent, Bank of Maharashtra mentioned.

Shares of the financial institution have been buying and selling larger by 4.66 per cent at Rs 16.85 apiece on BSE.

Read all of the Latest News, Breaking News, watch Top Videos and Live TV right here.



Source hyperlink