Bank of Maharashtra Witnesses Growth in Q3 FY24, Shares Gain Over 4%

Bank of Maharashtra Witnesses Growth in Q3 FY24, Shares Gain Over 4%

VoM News Desk | January 3, 2024 | 12:16 PM IST | Breaking News | Follow on Google News

Bank of Maharashtra Witnesses Growth in Q3 FY24, Shares Gain Over 4%

Bank of Maharashtra Witnesses Growth in Q3 FY24, Shares Gain Over 4%/iStock

Bank of Maharashtra observed a positive start in the early trading session on Wednesday, registering a 4% surge in its shares following the release of its Q3 FY24 business update. The public sector lender reported an impressive 18.92% rise in total business, reaching ₹4,34,534 crore for the quarter ending December, as per its filing to the exchange.

Significant improvements were noted in the bank’s key financial aspects:

• Gross advances displayed a healthy 20.28% growth to ₹1,88,796 crore in Q3 FY24 compared to ₹1,56,962 crore in Q3 FY23.
• Total deposits grew by 17.90% YoY to ₹2,45,738 crore in Q3 FY24.
• The Current Account and Savings Account (CASA) reached ₹1,23,326 crore, marking a 12.70% increase from the previous year.

However, the CD ratio for the quarter slightly dropped to 72.30% from 76.83% in the corresponding quarter of the previous year.

The stock’s positive trajectory continued today, with shares opening at ₹46 each and rising to ₹47.40 apiece, representing a 4.3% gain from the previous closing price of ₹45.45.

Bank of Maharashtra’s shares have consistently delivered positive returns over the last three years. Despite a stellar rally, the current share price remains 51% lower than its all-time high of ₹96.50 per share reached in 2008.

In FY23, the bank’s total business, deposits, and gross advances showed robust growth. Net profit more than doubled to ₹2,602 crore from ₹1,152 crore in FY22. The bank aims to strengthen its nationwide presence by establishing branches in every district and expanding into emerging product segments, solidifying its existing revenue streams.

The bank’s growth trajectory and consistent financial performance have contributed to its optimistic market sentiment and positive stock performance.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.