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Bank Of Maharashtra Q2 Profit Up 72% To Rs 920 Cr On Higher Interest Income

Total income increased to Rs 5,796 crore during the quarter under review, against Rs 4,317 crore in the same period last year, BoM said in a regulatory filing

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State-owned Bank of Maharashtra (BoM) on Monday posted a 72 per cent jump in net profit at Rs 920 crore for the September quarter, aided by a decline in bad loans and a rise in interest income.

The lender had reported a standalone profit of Rs 535 crore in the year-ago period.

Total income increased to Rs 5,796 crore during the quarter under review, against Rs 4,317 crore in the same period last year, BoM said in a regulatory filing.

The bank earned interest income of Rs 5,068 crore during the quarter, compared to Rs 3,815 crore in the same period a year ago.

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Talking about the financial performance, BoM managing director A S Rajeev said Net Interest Margin (NIM) increased to 3.89 per cent, from 3.55 per cent in the same quarter a year ago.

The bank was able to reduce gross Non-Performing Assets (NPAs) to 2.19 per cent of the gross loans by the end of September 2023, from 3.40 per cent a year ago.

Likewise, net NPAs or bad loans came down to 0.23 per cent, from 0.68 per cent at the end of the second quarter of the previous fiscal.

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