New Delhi, Jan 16 (PTI) Shares of Bank of Maharashtra on Monday rallied nearly 5 per cent after the company reported a two-fold jump in its standalone profit after tax in the quarter ended December 2022.

On the BSE, shares of the company climbed 4.26 per cent to settle at Rs 33.05 each. During the day, it jumped 8.51 per cent to Rs 34.40.

Also Read | Global Recession Likely in 2023; India May Benefit From Diversification of Supply Chains, Says World Economic Forum Survey.

The stock advanced 4.73 per cent to end at Rs 33.20 apiece on the NSE.

On volume terms, 94.43 lakh shares of the firm were traded on the BSE and over 12.19 crore shares on the NSE during the day.

Also Read | Budget 2023: From Hike in Income Tax Exemption Limit to Lower Tax Rates and Raise in Standard Deduction, List of Changes Taxpayers Wish in Tax Slabs.

On Monday, state-owned Bank of Maharashtra (BoM) reported a two-fold jump in its standalone Profit After Tax (PAT) at Rs 775 crore in the quarter ended December 2022 due to improved asset quality.

The Pune-based bank had posted a net profit of Rs 325 crore in the same quarter a year ago.

The bank's total income increased to Rs 4,770 crore in the latest December quarter from Rs 3,893 crore in the year-ago period, it said in a regulatory filing.

On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 2.94 per cent, as compared to 4.73 per cent at the end of third quarter of previous fiscal.

At the same time, net NPAs eased below 1 per cent to 0.47 per cent, as against 1.24 per cent in the same period a year ago.

(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)