Bank of Maharashtra reported first quarter net profit rose 46.64% to ₹1,293 crore from ₹882 crore in the year-earlier period.
Operating profit for the period ended June 30, 2024 improved to ₹2,294 crore as against ₹1,863 crore in the same period last year. Net interest income (NII) of the public sector bank grew 19.63% YoY to ₹2,799 crore. Gross advances during the quarter grew 18.99% YoY to ₹209,031 crore, the bank said in a filing.
Total business grew by 13.43% to ₹4,76,447 crore and total deposits increased by 9.43% to ₹2,67,416 crore. The bank said its gross NPA improved to 1.85% and net NPA improved to 0.20% as on June 30, 2024. Provision coverage ratio stood at 98.36% as on June 30, 2024 as against 98.37% as on June 30, 2023.
