Bank of Maharashtra extends rally on stellar performance in Q4
Q4 net profit surged more than three-fold at Rs 259 crore on back of strong NII growth.
Bank of Maharashtra has rallied 7% to Rs 60.30, extending its previous day’s 13% surge, after reporting over three-fold jump in its net profit at Rs 259 crore for the quarter ended March 2013 (Q4). The state-owned bank had profit of Rs 73 crore in a year ago quarter.
The bank’s net interest income (NII) has increased 35% to Rs 871 crore from Rs 647 crore on year-on-year basis. Asset quality of the bank improved sequentially, as both Gross and net NPA (non performing assets) levels declined by 11.4% and 19.3% qoq, respectively.
“Strong NII growth, robust non-interest income performance and flat provisioning expenses, resulted in stellar earnings performance for the bank,” says analyst at Angel Broking.
The stock opened at Rs 61.50 and hit a high of Rs 62 on NSE. A combined 2.26 million shares have changed hands on the counter till 1009 hours against an average sub 650,000 shares that were traded daily in past two weeks on NSE and BSE.
The bank’s net interest income (NII) has increased 35% to Rs 871 crore from Rs 647 crore on year-on-year basis. Asset quality of the bank improved sequentially, as both Gross and net NPA (non performing assets) levels declined by 11.4% and 19.3% qoq, respectively.
“Strong NII growth, robust non-interest income performance and flat provisioning expenses, resulted in stellar earnings performance for the bank,” says analyst at Angel Broking.
The stock opened at Rs 61.50 and hit a high of Rs 62 on NSE. A combined 2.26 million shares have changed hands on the counter till 1009 hours against an average sub 650,000 shares that were traded daily in past two weeks on NSE and BSE.