Bank of Maharashtra up by 4 per cent on robust June quarter numbers

State-owned Bank of Maharashtra share prices was trading in the green on Friday, climbing by more than 4 per cent after the bank reported positive June quarter earnings on the back of a decline in bad loans.

In the quarter ended June 2020, the lender reported a 24.6 per cent jump in net profit at Rs 101.02 crore from Rs 81.09 crore in the same period last year. Net interest income (NII) surged 9.1 per cent to Rs 1,087.9 crore against Rs 996.8 crore in June 2019.

The bank's asset quality improved as it reported a decline in gross NPAs to 10.93 per cent of the gross advances as compared to 17.90 per cent in the previous fiscal year.

The bank's provisions for bad loans or non-performing assets (NPAs) were down to Rs 408.91 crore during Q1FY21 from Rs 1,037.44 crore in the same period for the previous fiscal year. Total provisions including contingencies were at Rs 608.94 crore in the quarter under review as against Rs 920.72 crore in Q1FY20. 

After gaining almost 15 per cent in the last five days, the stock of Bank of Maharashtra closed at Rs 12.37 on Friday, up by 4.21 per cent or Rs 0.50 per share on BSE, against a 0.03  per cent decline in the benchmark index. Its 52-week high is recorded at Rs 15.24 and the 52-week low is Rs 7.71 on BSE.