Indian public sector bank, Bank of Maharashtra, on Monday, via its board meeting, announced its fourth quarter results for financial year 2022-23. The bank’s profit surged over 135 percent to Rs 840 crore against Rs 355.2 crore in the same quarter last year.

The Pune-headquartered bank’s Net Interest Income (NII) soared over 35 percent to Rs 2,187 crore against Rs 1,612 crore in the same quarter last year.

Meanwhile, the bank’s asset quality also improved as it reported its gross non-performing asset (GNPA) at 2.47 percent, a decline of 47 basis points from 2.94 percent in the previous quarter of the same fiscal year. Also, its net non-performing assets (NNPA) dropped by 22 basis points to 0.25 percent against 0.47 percent in the same quarter last year.

The bank also saw a huge improvement in its provisions, or runway money, which came in at Rs 945 crore, up over 60 percent, from Rs 582 crore in the previous quarter of the same fiscal year.

The board of the bank also approved raising of capital upto Rs 7,500 crore via equity and debt.

The board has further recommended a dividend of Rs 1.3 per share of Rs. 10 each fully paid up i.e. 13 percent, out of the net profits for the year ended March 31, 2023.

Last week, the bank hiked its lending rates by 10 bps across tenures, effective April 15.

At the beginning of the month, Bank Of Maharashtra reported its fourth quarter business update. The bank saw an increase of nearly 30% in its Gross Advances while the banks’ deposit grew over 15 percent Year-on Year

Stock is trading 7 percent higher on the exchanges at 3pm today.

Also Read: Bank of Maharashtra cuts home loan rate to 8.4%

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