( From Left to Right) Shri Asheesh Pandey, Executive Director, Shri. A S Rajeev, MD&CEO & Shri. A B Vijayakumar, Executive Director, Bank of Maharashtra while addressing press conference
Pune: Bank of Maharashtra’s net profit up by 117.25% to Rs 452 crore in the Q1 FY23 compared to Rs 208.01 crore in the last year same quarter, the bank said on Monday. While Q1 FY23 total income decreased to Rs 3,774 crore, from Rs 3,791 crore in the same quarter of last year
The gross NPA improved to 3.74% against last year’s 6.35% so the asset quality of the bank also improved
The net NPAs came down to 0.88 per cent (Rs 1,206.43 crore) from 2.22 per cent (Rs 2,352.75 crore).Provisions for bad loans and contingencies for the quarter fell to Rs 548.41 crore from Rs 753.10 crore in the same quarter of FY22.
The Bank said there was an impact due to change in accounting policy, resulting in decrease in other income and net profit after tax by Rs 22.03 crore during the quarter ended June 30, 2022.
