Bank of Maharashtra reports healthy growth in Q3 net profit, interest income

Bank of Maharashtra’s net interest income (NII) in the third quarter of the ongoing financial year increased 24.6% on a YoY basis to ₹2,465 crore from ₹1,980 crore in the same period in the preceding fiscal. Sequentially, the NII climbed slightly by 1.4% from ₹2,432 crore in the September quarter.

The lender’s employee expenses increased 6.64% YoY to ₹646.5 crore in the December quarter, while dropping 4.34% from the preceding quarter.

The bank’s gross non-performing asset (NPA) dipped to 2.04% in Q3FY24 as against 2.19% in the preceding quarter. On the other hand, the net NPA dropped marginally to 0.22% as against 0.23% in the September quarter.

Bank of Maharashtra’s operating profit made a healthy growth of 27.3% on a YoY basis to ₹2,012.1 crore and rose 4.8% on a quarter-on-quarter (QoQ) basis in Q3FY24.

Its operating expenses (opex) increased 9% YoY to ₹1,133.6 crore in the December quarter while dipping 3.9% QoQ.

Shares of Bank of Maharashtra were trading at ₹49.91 apiece, down 1.03%, on BSE at 2:34 PM.