Bank Of Maharashtra Q3 Profit More Than Doubles To Rs 775 Crore

State-run Bank of Maharashtra (BoM) on Monday reported a two-fold jump in its standalone profit after tax (PAT) at Rs 775 crore in the quarter ended December 2022 due improved asset quality.
     
The Pune-based bank had posted a net profit of Rs 325 crore in the same quarter a year ago.
     
The bank's total income increased to Rs 4,770 crore in the latest December quarter from Rs 3,893 crore in the year-ago period, BoM said in a regulatory filing.
     
On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 2.94 per cent, as compared to 4.73 per cent at the end of third quarter of previous fiscal.
     
At the same time, net NPAs eased below 1 per cent to 0.47 per cent, as against 1.24 per cent in the same period a year ago.
     
The capital adequacy ratio rose to 17.53 per cent in the December quarter as against 14.85 per cent.