According to a BSE filing, Bank of Maharashtra’s net profit jumped to Rs 840 crore from Rs 355.2 crore last year, with shares up 5%.

The stock traded 5.39% higher at Rs 29.30 at 2:34 pm on the NSE.

The bank’s net interest income jumped 35.7% to Rs 2,187 crore from Rs 1,612 crore. While gross non-performing assets (NPA) increased from 2.94% to 2.47% month-on-month. The bank’s net NPA also improved sequentially from 0.47% to 0.25%. Provisions have increased significantly despite a sequential increase from Rs 582 crore to Rs 945 crore.

According to the filing, the Bank of Maharashtra aims to raise up to Rs 7,500 crore through a follow-on public offering (FPO) or rights issue. Whereas, subject to the necessary approvals, banks may also consider other similar means of raising funds, such as qualified institutional placements (QIPs) or senior offerings, as may be permitted by applicable law. The board also declared a dividend of Rs 1.30 per share, subject to shareholder approval.

Shares of Bank of Maharashtra have fallen 3.93% since the start of the year. While the benchmark Nifty Bank index was flat and corrected by 1.3%. On a five-year basis, Maharashtra Bank shares have significantly outperformed the benchmark Nifty Bank index. The stock rallied 113.45% against the Nifty Bank index’s return of 66.73%.