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    Bank of Maharashtra shares up 2% as bad loans fall sharply

    Bank of Maharashtra shares up 2% as bad loans fall sharply

    Bank of Maharashtra shares up 2% as bad loans fall sharply
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    By CNBCTV18.com  IST (Published)

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    Bank of Maharashtra share price: Shares of Bank of Maharashtra rose as much as two percent on Tuesday as the Street cheered a significant decline in the lender’s bad loans.

    Shares of Bank of Maharashtra rose as much as two percent on Tuesday as the Street cheered a significant decline in the lender’s bad loans.
    The bank’s gross non-performing asset improved to 3.74 percent as on June 30, 2022, against 6.35 percent as on June 30, 2021. The same was 3.94 percent as on March 31, 2022.
    Net non-performing assets improved to 0.88 percent as of June 30, 2022, as compared to 2.22 percent as of June 30, 2021, and 0.97 percent as of March 31, 2022.
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    At 1421 IST, shares of the bank were trading 0.8 percent at Rs 16.8 on the BSE.
    Net profit jumped 117.25 percent to Rs 452 crore in Q1 of FY23 on a year-on-year basis as against Rs 208 crore for the first quarter of FY22. Net interest income grew nearly 20 percent year-on-year to Rs 1,686 crore in the reporting quarter as against Rs 1,406 crore for the same quarter of FY22.
    Provisions for bad loans and contingencies for the quarter fell to Rs 548.41 crore from Rs 753.10 crore in the same quarter of FY22.
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