Bank of Maharashtra Q2 net profit rises 44.25% to ₹1,327 crore-OxBig News Network

Bank of Maharashtra reported second quarter net profit grew 44.25% Year on Year (YoY) to ₹ 1,327 crore.

Operating profit for the period ended September 30, 2024 grew by 14.66% to ₹2,202 crore, the public sector bank said in a filing. 

Net Interest Income (NII) for the quarter increased by 15.41% to ₹ 2,807 crore and Net Interest Margin (NIM) improved to 3.98%.

The bank said its Gross NPA declined to 1.84% as on 30.09.2024 and Net NPA declined to 0.20% as on 30.09.2024, while the Provision Coverage Ratio stood at 98.31%.

The bank’s total business grew by 16.90% to ₹ 493,793 crore and total deposits increased by 15.46% to ₹ 276,289 crore. Gross advances increased by 18.78% to ₹ 217,504 crore, it said.