Bank of Maharashtra (BoM) saw a 4.51 per cent increase in its share price following the announcement of its remarkable net profit growth of 95 per cent year-on-year in the first quarter of this fiscal year.
During this quarter, the net profit of the Bank of Maharashtra reached ₹882 crore, as opposed to ₹452 crore in the corresponding period last year.
The increase was attributed to growth in net interest income and other income, as well as a decrease in loan loss provisions.
The bank’s financial performance in the quarter reflected its ability to manage its assets and liabilities efficiently. As a result, its shares went up by 4.51 per cent to ₹32.92 at 02:15 pm on Wednesday on BSE.