Bank of Maharashtra profit up 23%

BANK OF MAHARASHTRA on Tuesday reported a net profit of ₹1,593 crore for the first quarter of the current fiscal, up 23.14% year-on-year.

- GEETA NAIR

Net interest income grew 17.60% to ₹3,292 crore, driven primarily by a high double-digit growth in the retail loan portfolio. The net interest margin (NIM) fell 2 bps YoY to 3.95%.

The asset quality showed an improvement as gross non-performing assets (NPAs) declined to 1.74% of gross advances from 1.85% a year ago. Net NPAs declined to 0.18% from 0.20%.

However, the agriculture sector NPAs rose to 9.65% from 7.77% a year ago. The slippage ratio was 1.23%, compared with 1.18% in the year-ago period.