Bank of Maharashtra (BoM) Q3 profit doubles to Rs 775 crore
The Pune-headquartered public sector bank, which is eyeing a qualified institutional placement (QIP) of Rs 500-1,000 crore in the fourth quarter
MAHARASHTRA: State-owned Bank of Maharashtra (BoM) on Monday reported more than two-fold jump in its profit at Rs 775 crore in the quarter that ended on December 2022 due to increase in net interest income and improved asset quality.
The Pune-headquartered public sector bank, which is eyeing a qualified institutional placement (QIP) of Rs 500-1,000 crore in the fourth quarter, reported a net profit of Rs 325 crore in the year-ago period. Gross advances rose by about 22 per cent y-o-y to Rs 1,56,962 crore. Within this, corporate advances grew by 25 per cent; retail (23 per cent), MSME (22 per cent) and agriculture (9 per cent).
Total deposits increased by about 12 per cent to Rs 2,08,436 crore as of December-end 2022.
Speaking about quarterly number, BoM managing director A S Rajeev said the net profit surged by a 138.76 per cent and operating profit has shown a growth of 35.94 per cent to Rs 1,580 crore as against Rs 1,162 crore in the same quarter a year ago. He said the bank aims to protect the profit growth in the current quarter and also maintain the Net Interest Margin (NIM) at the current level of 3.6 per cent, stated a press release.
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