Bank of Maharashtra drops after weak Q1 numbers

Bank of Maharashtra lost 2.46% to Rs 45.55 at 14:11 IST on BSE after net profit declined 55.8% to Rs 117.82 crore on 10.5% growth in total income to Rs 3286.12 crore in Q1 June 2014 over Q1 June 2013.

The Q1 result was announced on Saturday, 2 August 2014.

Meanwhile, the S&P BSE Sensex was up 119.62 points or 0.47% at 25,600.46.

On BSE, so far 65,000 shares were traded in the counter as against average daily volume of 2.25 lakh shares in the past one quarter.

The stock hit a high of Rs 46.45 and a low of Rs 45.35 so far during the day. The stock had hit a 52-week high of Rs 55.15 on 9 June 2014. The stock had hit a 52-week low of Rs 29.10 on 28 February 2014.

The stock had underperformed the market over the past one month till 1 August 2014, declining 6.6% compared with Sensex's 0.14% fall. The scrip had, however, outperformed the market in past one quarter, jumping 21.77% as against Sensex's 13.66% rise.

The mid-cap state-run bank has equity capital of Rs 1063.18 crore. Face value per share is Rs 10.

Bank of Maharashtra (BOM)'s provisions and contingencies declined 12.4% to Rs 236.25 crore in Q1 June 2014 over Q1 June 2013.

BOM's ratio of gross non-performing assets (NPAs) to gross advances jumped to 4.23% as on 30 June 2014, from 3.16% as on 31 March 2014 and 1.8% as on 30 June 2013. The ratio of net NPAs to net advances rose to 2.94% as on 30 June 2014, from 2.03% as on 31 March 2014 and 0.8% as on 30 June 2013.

The Government of India holds 85.21% stake in Bank of Maharashtra (as per the shareholding pattern as on 30 June 2014).

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