Bank Of Maharashtra's Stock Rises Over 1%, Nearly Doubles In 6 Months

Bank of Maharashtra's shares rose by over 1.2 per cent on 29 September, in line with the broader gains in the Sensex and the Nifty. The stock, trading at Rs 47.6 on NSE, has seen significant growth of 91.68 per cent over the past six months, outperforming the Nifty Bank index, which gained 11.12 per cent during the same period. This upward trend began in July after the bank reported strong financial results for the June quarter.

During that quarter, the bank's net profit nearly doubled to Rs 882 crore from Rs 451 crore in the previous year. Net interest income (NII) also increased to Rs 2,340 crore from Rs 1,686 crore in the same quarter the previous year.

The bank has shown consistent improvement in its net interest margin (NIM), which increased to 3.86 per cent from 3.28 per cent. Additionally, the gross non-performing asset (NPA) ratio decreased to 2.28 per cent from 3.74 per cent year-on-year, with total GNPA dropping from Rs 5,259 crore to Rs 4,006 crore.

The net NPA ratio improved from 0.88 per cent to 0.24 per cent year-on-year, with total NNPAs decreasing from Rs 1,206 crore to Rs 413 crore.

Bank of Maharashtra also recorded a 25 per cent growth in total deposits, reaching Rs 2.44 lakh crore from Rs 1.96 lakh crore in the previous year. Current account and savings account (CASA) deposits saw improvements, with current account deposits growing by 30 per cent and savings account deposits increasing by 9 per cent.

On 28 September, Pradeep Kumar Srivastava assumed the role of Chief Technology Officer for the bank, serving a three-year term.