Latest News | Bank of Maharashtra Shares Zoom Nearly 8 Pc After Q3 Earnings

New Delhi, Jan 19 (PTI) Shares of Bank of Maharashtra (BoM) on Tuesday zoomed nearly 8 per cent after the firm reported a 14 per cent increase in net profit for the third quarter ended December 2020.

The stock closed at Rs 15.89, a gain of 7.73 per cent on BSE. During the day, it zoomed 9.62 per cent to its one-year high of Rs 16.17.

On NSE, it gained 7.46 per cent to settle at Rs 15.85.

State-owned Bank of Maharashtra on Tuesday reported a 14 per cent increase in net profit to Rs 154 crore for the third quarter ended December 2020, helped by a decline in bad loans.  

The Pune-based lender had posted a net profit of Rs 135 crore in the same quarter a year ago.

The total income of the bank rose to Rs 3,577 crore from Rs 3,319 crore in the year-ago period, BoM said in a statement.

On the asset quality front, the bank recorded an improvement with gross NPA declining to 7.69 per cent, or Rs 8,072.43 crore from 16.77 per cent, or Rs 15,746 crore.

Similarly, Net NPAs (non-performing assets) eased to 2.59 per cent or Rs 2,578 crore as against 5.46 per cent or Rs 4,507 crore.

(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)