Bank of Maharashtra net profit jumps 106%

Bank of Maharashtra’s net profit increased by 106 per cent to ~208 crore in the June 2021 quarter (Q1FY22) thanks to an improvement in net interest margin (NIM).

The Pune-based public sector lender had posted a net profit of ~101 crore in Q1FY21. Sequentially, net profit grew 26 per cent from ~165 crore in Q4FY21.

Its net interest income (NII) rose by 29 per cent in Q1FY22 to ~1,406 crore from ~1,088 crore in Q1FY21. The NIM for the reporting quarter rose to 3.05 per cent for Q1FY22 from 2.43 per cent for Q1FY21. However, sequentially NIM moderated from 3.11 per cent in Q4FY21. A S Rajeev, its managing director and chief executive, said the NIM for FY22 is expected to stay above 3 per cent. Non-interest income was up by 87 per cent on year-onyear basis to ~691 crore in Q1FY22. Sequentially, it dipped sharply from ~1,235 crore in Q4FY21.

The bank’s asset quality profile improved with gross non-performing assets at 6.35 per cent by June 2021 from 10.93 per cent during the yearago quarter.

The bank stock closed 1.9 per cent lower at ~23.2 per share on the BSE.