Due to better asset quality, the state-run Bank of Maharashtra (BoM) announced a two-fold increase in standalone profit after tax (PAT) to Rs 775 crore in the quarter ended December 2022.
In the same quarter last year, the Pune-based bank earned a net profit of Rs 325 crore.
According to a regulatory statement, the bank’s overall income grew to Rs 4,770 crore in the most recent December quarter from Rs 3,893 crore the previous year.
On the asset quality front, the bank improved, with gross NPAs (Non-Performing Assets) falling to 2.94 per cent, down from 4.73 per cent at the end of the third quarter of the previous fiscal.
At the same time, net NPAs fell below 1 per cent to 0.47 per cent, down from 1.24 per cent in the same period last year. The capital adequacy ratio increased to 17.53 per cent in the December quarter, up from 14.85 per cent in the previous quarter.