New Delhi, Apr 29 (PTI) Shares of Bank of Maharashtra on Thursday gained nearly 4 per cent after the company reported a more than two-fold rise in its standalone net profit in the three months ended March 2021.

The stock jumped 3.77 per cent to close at Rs 24.75 on the BSE. During the day, it gained 6 per cent to Rs 25.30.

On the NSE, shares closed 2.72 per cent higher at Rs 24.50.

In traded volume terms, 14.53 lakh shares were traded at the BSE and over 2 crore units at the NSE during the day.

Bank of Maharashtra on Thursday reported a more than two-fold rise in its standalone net profit at Rs 165.08 crore in the three months ended March 2021, mainly due to a decline in gross NPAs.

The Pune-headquartered lender had a net profit of Rs 57.57 crore in the year-ago period.

Total income increased to Rs 4,332.99 crore in FY21 as against Rs 3,198.30 crore in the same period a year ago, Bank of Maharashtra said in a regulatory filing.

The bank's asset quality improved significantly as the gross bad loans or the Gross Non-Performing Assets (NPAs) dipped to 7.23 per cent of the gross advances by the end of March 2021 as against 12.81 per cent during the same period of 2020.

In absolute terms, gross bad loans stood at Rs 7,779.68 crore at the end of March 2021, lower than Rs 12,152.15 crore recorded in the year-ago period.

Net NPAs came down to 2.48 per cent (Rs 2,544.32 crore) from 4.77 per cent (Rs 4,145.38 crore). Provisions for bad loans and contingencies were raised to Rs 1,310.76 crore in the latest March quarter from Rs 910.11 crore in the year-ago period.

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