Latest News | Maha Bank Net Profit Jumps Nearly 25 Pc to Rs 101 Cr in Q1
Get latest articles and stories on Latest News at LatestLY. Bank of Maharashtra on Thursday reported 24.6 per cent jump in net profit at Rs 101.02 crore for the first quarter of 2020-21 financial year as bad loans came down.
New Delhi, Jul 23 (PTI) Bank of Maharashtra on Thursday reported 24.6 per cent jump in net profit at Rs 101.02 crore for the first quarter of 2020-21 financial year as bad loans came down.
The Pune-headquartered lender posted a net profit of Rs 81.09 crore for the same quarter of 2019-20
Total income increased to Rs 3,264.81 crore during April-June, 2020-21 from Rs 3,191.88 crore in the year-ago same period, Bank of Maharashtra said in a regulatory filing.
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The bank's provisions for bad loans or non-performing assets (NPAs) fell to Rs 408.91 crore during the reported quarter from Rs 1,037.44 crore in the year-ago period.
Total provisions including contingencies were at Rs 608.94 crore in the quarter under review as against Rs 920.72 crore in the same period of 2019-20.
The lender improved on its asset quality to a great extent by bringing down gross NPAs to 10.93 per cent of the gross advances as on June 30, 2020 from 17.90 per cent by end-June 2019.
In absolute value, gross NPAs stood at Rs 10,558.53 crore as against Rs 16,649.58 crore.
Net NPAs fell to 4.10 per cent (Rs 3,677.39 crore) from 5.98 per cent (Rs 4,856.27 crore).
Bank of Maharashtra stock settled at Rs 11.87 on BSE, up 2.15 per cent from previous close.
(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)