Bank of Maharashtra Soars with 44% Profit Surge

Bank of Maharashtra reported a 44% increase in net profit for the second quarter of 2024, driven by improved interest income. Managing Director Nidhu Saxena highlighted the bank's strong Net Interest Margin and anticipated further growth, with net profit expected to exceed Rs 5,000 crore for the fiscal year.

State-owned Bank of Maharashtra (BoM) has announced a significant 44% rise in its net profit, reaching Rs 1,327 crore for the second quarter ending September 2024, attributed to enhanced interest income.

Compared to the previous year's figures, this marks a notable increase from Rs 920 crore. The total income also witnessed an upswing, climbing to Rs 6,809 crore from last year's Rs 5,736 crore for the same period.

Under the leadership of Managing Director Nidhu Saxena, BoM's Net Interest Margin (NIM) rose to 3.98%, positioning it as the highest among public sector banks. The institution is aiming for a fiscal NIM target of 3.75-3.85%, preparing for a possible interest rate cut within the year.

(With inputs from agencies.)