State-run Bank of Maharashtra (BoM) on Thursday reported a 106 per cent jump in its standalone net profit at Rs 208 crore in the quarter ended June 2021, helped by improvement in asset quality and on higher net interest income. The lender had reported a profit after tax of Rs 101 crore in the same quarter of the previous fiscal. The bank''s managing director and CEO A S Rajeev told reporters that despite the Covid-19 pandemic, the bank had shown good performance in all the key financial parameters. He expects the bank to exhibit strong performance in future also. Net interest income (NII) increased by 29 per cent to Rs 1,406 crore from Rs 1,088 crore last year. Its net interest margin (NIM) improved to 3.05 per cent as against 2.43 per cent.
Rajeev said the bank will continue to keep NIM above three per cent in the current financial year. The bank saw improvement in asset quality with gross non-performing assets (GNPA) declining to 6.35 per cent in the reporting quarter from 10.93 per cent.
Net NPA also reduced to 2.22 per cent from 4.10 per cent in June 2020 quarter. The lender expects GNPA to be below 6 per cent and NNPA below 2 per cent in FY22, Rajeev said.
