Bank of Maharashtra reported a significant increase in its Q1 net profit on July 15, rising by 46.6% to Rs 1,293.5 crore, compared to Rs 882 crore in the same period last year, according to an exchange filing.

The bank’s net interest income (NII) grew by 20%, reaching Rs 2,799 crore from Rs 2,340 crore year-on-year (YoY).

Following the announcement, the bank’s shares rose by 5.61%, reaching Rs 68.73 on NSE at 13:55 pm.

The bank’s asset quality improved slightly, with gross non-performing assets (NPA) at 1.85%, down from 1.88% quarter-on-quarter (QoQ). However, the net NPA remained unchanged at 0.20%. In absolute terms, gross NPA stood at Rs 3,873 crore compared to Rs 3,833 crore in the previous quarter, while net NPA was Rs 415 crore against Rs 409 crore QoQ.

Provisions for the quarter were reported at Rs 950 crore, slightly up from Rs 942 crore in the preceding quarter.