Bank of Maharashtra Q2 results: Profit surges 44% to Rs 1,327 crore

State-owned Bank of Maharashtra (BoM) on Tuesday posted a 44 per cent jump in its profit at Rs 1,327 crore in the second quarter ended September 2024 on account of improvement in interest income.

The Pune-based lender had posted a net profit of Rs 920 crore in the same quarter a year ago.

Total income increased to Rs 6,809 crore during the quarter under review against Rs 5,736 crore in the same period last year, BoM said in a regulatory filing.

Talking about the financial performance, BoM Managing Director Nidhu Saxena said Net Interest Margin (NIM) increased to 3.98 per cent, from 3.88 per cent in the same quarter a year ago.

Among the stack of 12 public sector banks, BoM has the highest NIM, Saxena said, adding the target for the NIM for the current fiscal is 3.75-3.85 per cent anticipating a rate cut during the course of the year.

He further said the bank expects the net profit of the bank to cross Rs 5,000 crore during the current fiscal.

In the H1, the profit has crossed Rs