NEW DELHI: State-owned Bank of Maharashtra (BoM) on Wednesday posted a 36 per cent rise in net profit to Rs 1,406 crore in the third quarter ended December 2024 with rising interest income. The Pune-based lender had posted a net profit of Rs 1,036 crore in the October-December period a year ago.
Total income increased to Rs 7,112 crore during the quarter under review against Rs 5,851 crore in the same period previous year, BoM said in a regulatory filing.
The bank earned an interest income of Rs 6,325 crore during the quarter compared to Rs 5,171 crore a year ago.
The bank was able to reduce gross Non-Performing Assets (NPAs) to 1.80 per cent of the gross loans by the end of December 2024 from 2.04 per cent in the year-ago period.
Similarly, net NPAs or bad loans came down to 0.2 per cent from 0.22 per cent at the end of the third quarter of the previous fiscal.
The Provision Coverage Ratio (PCR) as of December 31, 2024, is 98.28 per cent.
The bank has raised Rs 3,500 crore through Qualified Institutional Placements on October 5, 2024.
The bank has issued and allotted 61,01,81,311 equity shares of Rs 10 each at a premium of 47.36 per share.
Accordingly, the shareholding of the Government of India in the bank has been reduced to 79.60 per cent as of December 31, 2024.
During three quarters, the bank reported a net profit of Rs 4,027 crore compared to Rs 2,837 crore in the nine-month period of the previous year.
Total income also increased to Rs 7,112 crore from Rs 5,851 crore in the nine-month period of the last financial year.
