Bank of Maharashtra Reports 47% Profit Surge Amid Improved Interest Income and Asset Quality

Bank of Maharashtra (BoM) reported a 47% jump in net profit for Q1 FY25, reaching Rs 1,293 crore. Improved asset quality and interest income contributed to this growth. Total income rose to Rs 6,769 crore, while the bank's NII increased by 19.63%. The bank plans to raise Rs 5,000 crore in equity capital and Rs 10,000 crore through infrastructure bonds.

Bank of Maharashtra (BoM) on Monday reported a significant 47 per cent jump in net profit to Rs 1,293 crore for the June quarter FY25, driven by a decline in bad loans and improved interest income.

In comparison, the Pune-based lender had recorded a net profit of Rs 882 crore during the same quarter last year. The bank's total income for the reviewed quarter surged to Rs 6,769 crore, compared to Rs 5,417 crore in the previous year, according to a regulatory filing.

The interest earned by BoM increased to Rs 5,875 crore from Rs 4,789 crore in Q1 FY24, while Net Interest Income (NII) rose by 19.63 percent to Rs 2,799 crore. The bank's asset quality saw improvement, with gross non-performing assets (NPAs) decreasing to 1.85 per cent from 2.28 per cent, and net NPAs declining to 0.20 per cent from 0.24 per cent over the same period.

(With inputs from agencies.)