Bank of Maharashtra (BoM) reported a 14 percent increase in its net profit for the third quarter ended December 2020. The profits amounted to ₹154 crores. The profits were impacted by a decline in bad loans.
The banks total income hiked to ₹3,577 crore from ₹3,319, in the year ago, said BoM in a statement.
The bank saw improvement on the asset quality front as gross Non Performing Assets (NPA) declined to 7.69 percent from 16.77 percent. Also, net NPA’s mitigated to 2.59 percent from 5.46 percent. The result being, total provision other than tax decreased to ₹498 crores from to ₹ 917 crores at the end of the third quarter of the previous fiscal year.
Its total business increased by 13.15 percent to ₹2,66,875 crores at the end of December 2020.
