Bank of Maharashtra tumbles after poor Q2 numbers

Bank of Maharashtra fell 2.24% to Rs 39.30 at 14:32 IST on BSE after net profit slumped 71.78% to Rs 46.85 crore on 31.32% increase in total income to Rs 3196.56 crore in Q2 September 2013 over Q2 September 2012.

The result was announced during trading hours today, 29 October 2013.

Meanwhile, the BSE Sensex was up 340.59 points, or 1.66%, to 20,910.87.

On BSE, 3.53 lakh shares were traded in the counter compared with average volume of 92,749 shares in the past one quarter.

The stock hit a high of Rs 40.60 and a low of Rs 38.50 so far during the day. The stock hit a 52-week high of Rs 66.20 on 8 January 2013. The stock hit a 52-week low of Rs 35.70 on 28 August 2013.

The stock had outperformed the market over the past one month till 28 October 2013, rising 7.77% compared with the Sensex's 4.27% rise. The scrip had, however, underperformed the market in past one quarter, sliding 13.73% as against Sensex's 4.16% rise.

The small-cap state-run bank has an equity capital of Rs 661.48 crore. Face value per share is Rs 10.

Bank of Maharashtra's ratio of net non-performing assets (NPA) to net advances stood at 1.76% as on 30 September 2013, compared with 0.80% as on 30 June 2013 and 0.88% as on 30 September 2012.

The bank's ratio of gross NPA to gross advances stood at 2.77% as on 30 September 2013, compared with 1.80% as on 30 June 2013 and 2% as on 30 September 2012.

Provisions and contingencies rose 45.25% to Rs 323.23 crore in Q2 September 2013 over Q2 September 2012. The NPA provisioning coverage ratio as on 30 September 2013 stood at 58.91% as against 83.68% as on 31 March 2013.

The bank's Capital Adequacy Ratio (CAR) as per Basel III norms stood at 10.71% as on 30 September 2013, compared with 10.76% as on 30 June 2013.

Government of India holds 81.24% stake in Bank of Maharashtra (as on 30 September 2013).

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