Bank of Maharashtra Zooms 9% on Q3 Show: PAT Up 138.7%, Asset Health Improves

Bank of Maharashtra Zooms 9% on Q3 Show: PAT Up 138.7%, Asset Health Improves

Shares of the public sector lender Bank of Maharashtra (NS:BMBK) surged 6.15% at the time of writing and jumped 8.67% to hit the session’s high at Rs 34.45 apiece on Monday, nearing its 52-week high of Rs 36.25 apiece.

The state-owned lender released its earnings results for the Dec ending quarter in Monday’s intraday session, posting a multi-fold rise in the bottomline figure.


The Pune-based bank’s net profit rallied a whopping 138.7% YoY to Rs 775.03 crore in the Dec quarter from Rs 324.63 crore in the year-ago period and rose 22% sequentially from Rs 535 crore in the September quarter, led by an improved asset quality.

The lender’s asset health witnessed a significant improvement in Q3 FY23 with gross NPA tanking 32.36% YoY and 8.46% QoQ to Rs 4,612.12 crore and net NPA plummeted 53.7% YoY and 27.5% QoQ to Rs 715 crore during the period.

Its gross NPA ratio slid to 2.94% in Q3 FY23 from 4.73% in the year-ago period and 3.4% in the preceding quarter, while net NPA fell to 0.47% from 1.24% in the Dec 2021 quarter and 0.68% in the Sept 2022 quarter.

The state-owned bank’s total income surged 22.5% YoY to Rs 4,770 crore in the third quarter of FY23 and its operating profit jumped 35.9% YoY to Rs 1,580.3 crore during the period.

The Bank of Maharashtra’s stock price surged after the bank released its Q3 results which showed strong financial performance The bank’s net profit or PAT jumped a significant 138.7% year-on-year to Rs 775.03 crore and asset quality also improved. Gross NPA ratio declined to 2.94% from 4.73% a year ago.

Overall, it was a positive quarter for the Bank of Maharashtra and the stock market reacted well to the news.

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