Public sector lender Bank of Maharashtra has reported a 3% rise in net profits for the first quarter of the current fiscal.

The net profits of the bank for Q1 figured to Rs 122 crore as compared to more than Rs 118 crore for the same period in the fiscal prior to that.

Profits have however not shot up much owing to increase in staff expenses, provisions as well as depreciation in investments, said A S Bhattacharya, CMD of the bank.

Increase in staff expenses has figured to Rs 229 crore as compared to Rs 174 crore earlier.

Regarding branch expansion, the bank plans to open 69 branches this fiscal.