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Bank of Maharashtra jumps 9% on strong earnings, improved asset quality

Bank of Maharashtra Q3: The public sector lender's net profit came in at Rs 775 crore, up from Rs 324.6 crore in the year-ago period

January 16, 2023 / 01:58 PM IST

The shares of Bank of Maharashtra jumped 9 percent in the afternoon on January 16 after the lender reported a strong set of numbers for the December quarter.

At 1.33 pm, the shares of the public sector bank were trading at Rs 33.90, up 6.9 percent on the BSE.

The bank’s net profit came in at Rs 775 crore, up from Rs 324.6 crore in the year-ago period. Net interest income, the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, rose nearly 30 percent YoY to Rs 1,979.6 crore.

Segment-wise, corporate or wholesale and retail banking operations saw a growth in revenue.