Bank of Maharashtra Q1 results: Net profit rises 25% to Rs 101 crore

Kolkata: State-owned Bank of Maharashtra reported 25% rise in net profit at Rs 101 crore for the June quarter on lower provisioning requirement in step with improvement in asset quality.

Its net profit was Rs 81 crore in the year ago period while operating profit grew 7.9% at Rs 710 crore.

The bank's risk provision against bad loans for the quarter under review was 60% lower at Rs 409 crore compared with Rs 1037 crore in the year ago period with gross non-performing assets ratio improving to 10.93% at the end of June as against 17.9% a year back. Net NPA fell to 4.10% as against 5.98% over the same period.

The bank has also made Rs 97 crore provision towards bipartite wage settlement which is due since November 2017.

Its net interest income rose 9.1% at 1088 crore from Rs 997 crore. Net interest margin however fell to 2.43% from 2.59%.

The bank's gross advances rose 3.9% year-on-year to Rs 96621 crore.

Its share price rose 2.59% to Rs 11.90 Thursday on BSE. The bank announced the financial results after market hours.