Bank of Maharashtra on Thursday reported 24.6 per cent jump in net profit at Rs.101.02 crore for the first quarter of 2020-21 financial year as bad loans came down.
The Pune-headquartered lender posted a net profit of Rs.81.09 crore for the same quarter of 2019-20
Total income increased to Rs.3,264.81 crore during April-June, 2020-21 from Rs.3,191.88 crore in the year-ago same period, Bank of Maharashtra said in a regulatory filing.
The bank's provisions for bad loans or non-performing assets (NPAs) fell to Rs.408.91 crore during the reported quarter from Rs.1,037.44 crore in the year-ago period.
Total provisions including contingencies were at Rs.608.94 crore in the quarter under review as against Rs.920.72 crore in the same period of 2019-20.
The lender improved on its asset quality to a great extent by bringing down gross NPAs to 10.93 per cent of the gross advances as on June 30, 2020 from 17.90 per cent by end-June 2019.
In absolute value, gross NPAs stood at Rs.10,558.53 crore as against Rs.16,649.58 crore.
Net NPAs fell to 4.10 per cent ( Rs.3,677.39 crore) from 5.98 per cent ( Rs.4,856.27 crore).
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