The Bank of Maharashtra has reported a significant increase in its net profit for the second quarter (Q2) of the current financial year. The bank’s net profit soared 44% year-on-year to Rs 1,327 crore for the quarter ended September 30, 2022. This is a major turnaround from the same quarter last year, when the bank reported a net loss of Rs 1,043 crore. The impressive turnaround is attributed to several factors, including a reduction in provisioning for bad loans, improved asset quality, and a significant increase in interest income. The bank’s interest income rose by 17% to Rs 3,434 crore during the quarter, while its non-interest income surged by 34% to Rs 1,341 crore. The bank’s asset quality also improved during the quarter, with its gross non-performing asset (NPA) ratio declining to 5.64% from 7.33% in the same quarter last year. Overall, the bank’s performance is a testament to its efforts to strengthen its financials and improve its risk management practices.
Source: https://www.msn.com/en-sg