MUMBAI - Bank of Maharashtra, one of India's leading public sector banks, announced a substantial increase in its Q3 net profit, which surged 33.61% year-on-year to Rs 1,036 crore ($138M). This significant rise was accompanied by an impressive 24.56% year-on-year increase in Net Interest Income (NII), reaching Rs 2,466 crore ($328M), and a sequential NII uptick of 1.39%.
The bank also reported a remarkable improvement in asset quality with gross non-performing assets (NPAs) dropping to just over two percent, while the net NPA saw a decrease to a mere 0.22%. In addition, net revenue escalated by over one-fifth to Rs 3,146 crore ($419.4M)compared to the same quarter last year.
The bank's operating profits leapt by more than a quarter year-on-year to ₹2,012 crore ($268M) and saw an on-quarter boost of nearly five percent. This growth was achieved despite operating expenses growing by 9% YoY but falling by 3.9% quarter-on-quarter. Employee costs also increased by 6.64% YoY but dropped by 4.34% from the previous quarter to ₹646.5 crore ($86M).
Following the announcement of its Q3FY24 earnings today, Bank of Maharashtra Ltd's shares soared to a new high at ₹52.22 on BSE. However, after reaching this new high earlier today, shares closed at ₹49.91, down by 1.03%.
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