MUMBAI: Bank of Maharashtra has reported a healthy 44.3 per cent jump in consolidated net income at Rs 1,327.08 crore in the September quarter up from Rs 919.75 crore in the year-ago period, thanks to stable asset quality and lower tax outgo.
The Pune-based state-run bank’s net income stood at Rs 1,293.68 crore in the first quarter of the current financial year.
The key net interest income rose 15 per cent on-year to Rs 2,806.8 crore from Rs 2,432 crore posted in the same period previous financial year, the bank said in an exchange filing, which did not offer any other details like net interest margin or fee income and other income.
The asset quality of the bank remained unchanged with the gross non-performing asset at 1.84 percent compared to 1.85 percent in the year ago quarter. Similarly, the net NPAs stood at 0.2 percent in the reporting quarter, unchanged from the June quarter as well in the same year period, the filing said.
Loan loss provisions stood at Rs 598 crore, marginally up from Rs 584.6 crore in the year-ago period.
What helped boost the bottom line was the lower provisions for taxes and contingencies, which fell to RRs 822 crore from Rs 950 crore.
The core capital marginally declined to 11.97 percent from 12.28 percent.
The total loan book rose to Rs 2.17 trillion, up 18.5 percent while deposits jumped 15 percent to Rs 2.76 trillion during the reporting quarter.