Bank of Maharashtra shares gain over 2% on healthy Q2FY25 results

Shares of state-owned lender, Bank of Maharashtra, jumped 2.48 per cent to Rs 55.73 during early trades on Wednesday. The upward movement in the bank's stock is attributed to its healthy second-quarter results for FY25.

On Tuesday, October 15, Bank of Maharashtra reported that its net profit surged by 44.24 per cent year-on-year (YoY) to Rs 1,327 crore in Q2 FY25, driven by a 15.41 per cent increase in net interest income (NII). Sequentially, the bank's net profit rose by 2.62 per cent from Rs 1,293 crore in June 2024 (Q1 FY25).The Pune-based lender’s NII expanded 15.41 per cent YoY to Rs 2,807 crore in Q2 FY25 compared to Rs 2,432 crore in the corresponding quarter of the previous fiscal year. Net interest margin (NIM) improved to 3.98 per cent in Q2 FY25, up from 3.89 per cent in Q2 FY24.

Nidhu Saxena, Managing Director and Chief Executive of BoM, said the bank has been able to maintain NIM despite concerns over the cost of funds. The margins at 3.98 per cent have exceeded the guidance of 3.75-3.85 per cent for FY25. The net profit is expected to surpass Rs 5,000 crore in FY25, of which Rs 2,600 crore has already been booked in April-September 2024 (H1 FY25), Saxena said in a post-results virtual media interaction.

Bank of Maharashtra is a major public sector bank in India, headquartered in Pune, Maharashtra, and founded in 1935. With an extensive network of over 2,000 branches across the country, the bank offers a diverse range of financial services. Its portfolio includes retail, corporate, and agricultural banking solutions, catering to the varied needs of its customers.

As of October 16, 2024, Bank of Maharashtra boasts a market capitalization of Rs 42,242.02 crore. The bank is a constituent of the BSE 500 index.

Shares of Bank of Maharashtra have offered a mixed performance over the past months. The bank's stock has dropped 9.6 per cent in the last one month and 11.85 per cent in the last six months. However, the bank’s stock has appreciated by 15.67 per cent in the last one year.

At around 9:58 am on Wednesday, Bank of Maharashtra’s shares were trading at Rs 54.65, up 0.50 per cent from its previous close of Rs 54.38 on the BSE. A total of 104.37 lakh shares of Bank of Maharashtra have exchanged hands on the BSE and NSE combined.

The shares of the state-owned bank have a 52-week range of Rs 73.50-Rs 38.69 on the BSE.

Meanwhile, the benchmark equity indices, BSE Sensex and NSE Nifty 50, are trading flat on Wednesday. The Sensex was quoted trading flat at 81,831.13, up merely 11.01 points or 0.01 per cent, while Nifty50 stood at 25,059.90, up 2.55 points or 0.01 per cent.