Bank of Maharashtra reports two-fold jump in Q3 PAT

The state-run Bank of Maharashtra (BoM) announced a two-fold increase in its standalone profit after tax (PAT) to Rs 775 crore in the quarter ending December 2022, owing to better asset quality. In the same quarter last year, it earned Rs 325 crore in net profit.

According to a regulatory statement, the bank's overall income grew to Rs 4,770 crore in the current December quarter from Rs 3,893 crore the previous year.

On the asset quality front, the bank improved, with gross NPAs (Non-Performing Assets) falling to 2.94 percent, down from 4.73 percent at the end of the third quarter of the previous fiscal year. At the same time, net NPAs fell below 1% to 0.47 percent, down from 1.24 percent in the same period last year.

In the December quarter, the capital adequacy ratio increased to 17.53 percent from 14.85 percent.