Shares of Bank of Maharashtra on Monday jumped 7 per cent after the company reported 13.4 per cent rise in consolidated net profit for the quarter ended September 30, 2020.
The stock zoomed 7.01 per cent to close at Rs 11.91 on the BSE. During the day, it jumped 12.84 per cent to Rs 12.56.
On the NSE, it rose by 6.73 per cent to close at Rs 11.90. In terms of traded volume, 4.03 lakh shares were traded at the BSE and over 73 lakh units on the NSE during the day.
Bank of Maharashtra on Monday reported 13.4 per cent rise in consolidated net profit at Rs 130.44 crore for the quarter ended September 30, 2020.
The Pune-headquartered lender had posted a net profit of Rs 115.05 crore for the second quarter of 2019-20. Income increased to Rs 3,319.34 crore during the quarter under review as against Rs 3,296.28 crore in the year-ago period, Bank of Maharashtra said in a regulatory filing.
The consolidated financial results of the group comprise the results of Maharashtra Bank (holding company), Maharashtra Executor and Trustee Company Pvt Ltd and Maharashtra Gramin Bank (associate company).
The lender was able to reduce gross non-performing assets (NPAs) to 8.81 per cent of the gross loans at September-end 2020 from 16.86 per cent by the same period a year ago.
In value terms, gross NPAs came down to Rs 9,105.44 crore from Rs 15,408.51 crore. Likewise, net NPAs or bad loans came down to 3.30 per cent (Rs 3,219.90 crore) from 5.48 per cent (Rs 4,406.56 crore).
(Published 19 October 2020, 12:36 IST)
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