New Delhi, Oct 17 (PTI) Shares of Bank of Maharashtra (BoM) on Monday rallied nearly 6 per cent after the company posted a two-fold jump in its net profit in the September 2022 quarter.

The stock climbed 5.01 per cent to settle at Rs 18.85 apiece on the BSE. During the day, it jumped 5.84 per cent to Rs 19.

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On the NSE, it rallied 5.57 per cent to end at Rs 18.95 apiece.

In volume terms, 15.05 lakh shares were traded on the BSE and over 1.38 crore shares on the NSE during the day.

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On Monday, state-owned Bank of Maharashtra posted a two-fold jump in its net profit to Rs 535 crore in the September 2022 quarter aided by a decline in bad loans and a rise in net interest income.

The lender had reported a standalone profit of Rs 264 crore in the year-ago period.

Total income increased to Rs 4,317 crore during the quarter under review against Rs 4,039 crore in the same period last year, BoM said in a regulatory filing.

The bank was able to reduce gross Non-Performing Assets (NPAs) to 3.40 per cent of the gross loans by the end of September 2022 from 5.56 per cent a year ago.

Likewise, net NPAs or bad loans came down to 0.68 per cent from 1.73 per cent at the end of the second quarter of the previous fiscal.

As a result, provisions for bad loans for the second quarter declined to Rs 532 crore from Rs 922 crore earmarked for the year-ago period.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)