Bank of Maharashtra's Profit Surges 44% Amid Interest Income Growth

State-owned Bank of Maharashtra reported a significant 44% increase in profit, reaching Rs 1,327 crore in Q2 2024, driven by higher interest income and improved asset quality. The bank's Net Interest Margin rose to 3.98%, and total income climbed to Rs 6,809 crore, marking positive financial momentum.

The Bank of Maharashtra, a state-owned institution, announced a remarkable 44% increase in its net earnings, amounting to Rs 1,327 crore for the second quarter ending September 2024. This substantial profit climb is largely attributed to the bank's enhanced interest income.

In a year-over-year comparison, the bank's income rose from Rs 5,736 crore to Rs 6,809 crore, signaling a strengthening financial position. The Net Interest Margin also showed improvement, reaching 3.98% compared to the previous year's 3.88%, marking it the highest among public sector banks.

Expectations remain high as the bank forecasts crossing Rs 5,000 crore in net profit for the current fiscal, with ongoing improvements in asset quality and interest income. The total business increased by 16.90%, achieving Rs 493,793 crore amid strategic financial planning.

(With inputs from agencies.)