Bank of Maharashtra's net profit doubles in fourth quarter

MUMBAI: The Bank of Maharashtra on Monday said its net profit more than doubled to Rs 840 crore in the quarter ended March 31, 2023, against Rs 355 crore in the year-ago period.

The lender's total income went up to Rs 5,317 crore in the reviewed period, against Rs 3,949 crore in the year-ago period.

During the March quarter of 2022-2023 (FY23), interest income grew to Rs 4,495 crore from Rs 3,426 crore in the corresponding quarter a year ago.

According to the statement shared with stock exchanges, gross non-performing assets (NPAs) were down to 2.47 per cent of gross advances as of March 31, 2023, from 3.94 per cent in the year-ago period.

The lender's board has recommended a dividend of Rs 1.30 per share or 13 per cent of Rs 10 face value from net profit for fiscal FY23.

Net NPAs also came down to 0.25 per cent of the advances from 0.97 per cent at the end of 2022.

Bank of Maharashtra on April 7 said it was making strategic meets with various key departments and stakeholders of Tamil Nadu state, to leverage its services through its wide network of branches in the state.

AB Vijayakumar, Executive Director, Bank of Maharashtra, led the strategic meets with policymakers of the state spearheading various key departments, Confederation of Indian Industry, Hindustan Chamber of Commerce and entrepreneurs and representatives of various leading business houses from MSMEs, healthcare, food processing, manufacturing and chemical industries Bank of Maharashtra is an Indian public sector bank headquartered in Pune.

The lender had 29 million customers across the country with 2022 branches as of March 2022. It has the largest network of branches of any nationalised bank in the state of Maharashtra.