Bank of Maharashtra Q2 profit up 65.3%

Bank of Maharashtra headquartered in Pune posted a 65.3 per cent rise in net profit, at Rs 166 crore, in the second quarter of this financial year ended September 30, on better growth in interest income and dip in provision burden.

The public sector lender had posted a net profit of Rs 100 crore a year ago. Net interest income rose 13.6 per cent to Rs 718.94 crore. Net interest margin stood at 2.99 per cent. Non-interest income increased 22.5 per cent to Rs 177 crore from Rs 145 crore in Q2 of 2011-12.

Total business — deposits and advances — rose 25.8 per cent to Rs 1,51,320 crore from Rs 1,20,280 crore a year ago. Growth in advances was 27.25 per cent at Rs 68,778 crore.

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