Bank of Maharashtra Posts 36% Profit Surge in Q3 2024

Bank of Maharashtra reported a 36% increase in net profit for Q3 2024, reaching Rs 1,406 crore, driven by rising interest income. The bank's total income increased to Rs 7,112 crore while reducing its NPAs. It also raised Rs 3,500 crore through Qualified Institutional Placements, decreasing government shareholding.

The state-owned Bank of Maharashtra has achieved a remarkable 36% increase in net profit for the third quarter ending December 2024, reporting a profit of Rs 1,406 crore. This growth is attributed to a substantial rise in interest income.

The Pune-based financial institution recorded a total income escalation to Rs 7,112 crore during the quarter, up from Rs 5,851 crore in the same period of the previous year. The bank's interest income rose to Rs 6,325 crore from Rs 5,171 crore year-on-year, as detailed in its latest regulatory filing.

The bank also succeeded in reducing its gross Non-Performing Assets (NPAs) to 1.80% and net NPAs to 0.2%. Further financial strengthening was achieved through raising Rs 3,500 crore via Qualified Institutional Placements, which resulted in a reduction of the Government of India's shareholding to 79.60% by the end of December 2024.

(With inputs from agencies.)