Bank of Maharashtra Q1 results: Net profit jumps over two-fold to Rs 208 cr

bank of maharashtra q1 results net profit jumps over two fold to rs 208 cr

Sumary of Bank of Maharashtra Q1 results: Net profit jumps over two-fold to Rs 208 cr:

  • Interest income during the quarter rose to Rs 3,103.55 crore as against Rs 2,896.24 crore in year ago period.
  • On asset front, there was significant improvement as the gross non-performing assets (NPAs) came down to 6.35 per cent of the gross advances as of June 31, 2021, as against 10.93 per cent by year ago period.
  • Provisions for bad loans and contingencies were higher at Rs 650.44 crore for the quarter as against Rs 608.94 crore parked aside for June 2020 quarter.
  • Of this, provisions for bad loans were of Rs 500.99 crore, up from Rs 408.91 crore.
  • The provision coverage ratio (PCR) as of June 30, 2021 is 90.70 per cent, the bank said.
  • Further, the bank informed that it has reported 30 borrowal accounts as fraud during April-June period of 2021-22. “The total amount involved is Rs 392.94 crore.

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