Bank of Maharashtra shares up 6% post Q3 update; gross advances rise 21%

Bank of Maharashtra shares advanced 6.2 per cent in Friday's trade on BSE logging an intraday high at Rs 56.09 per share. The stock was in demand after the company released its Q3 business update. 

 

Around 9:44 AM, Bank of Maharashtra share price was up 5.46 per cent at Rs 56.09 per share on BSE. In comparison, the BSE Sensex was down 0.42 per cent at 79,606.41. The market capitalisation of the company stood at Rs 42,803.5 crore. The 52-week high of the stock stood at Rs 73.5 per share and the 52-week low stood at Rs 45.2 per share.

 

In its Q3 update, Bank of Maharashtra said that its gross advances increased 21.19 per cent to Rs 2,28,652 crore as compared to Rs 1,88,670 crore a year ago. Its current account savings account (CASA) deposits grew 11.5 per cent year-on-year (Y-o-Y) to Rs 1,37,504 crore as compared to Rs 1,23,322 crore. 

 

The bank's total deposits rose 13.54 per cent Y-o-Y to Rs 2,79,018 crore as compared to Rs 2,45,734 crore a year ago. Its total business grew 16.87 per cent to Rs 5,07,670 crore as compared to Rs 4,34,404 crore a year ago.

Bank of Maharashtra Q2 results 

The public sector lender's net profit during the second quarter of financial year 20224-25 (Q2 FY25) soared 44.24 per cent Y-o-Y to Rs 1,327 crore. Sequentially, the Pune-based lender’s net profit rose by 2.62 per cent from Rs 1,293 crore in June 2024 (Q1FY25). 

 

Its net interest income (NII) expanded 15.41 per cent Y-o-Y to Rs 2,807 crore in Q2FY25 compared to Rs 2,432 crore in the same quarter a year ago. Meanwhile, net interest margin (NIM) improved to 3.98 per cent in Q2FY25 compared to 3.89 per cent in Q2FY24. Sequentially, NIM was up by one basis point compared to 3.97 per cent in Q1FY25. 

 

In the past one year, Bank of Maharashtra shares have gained 11.4 per cent against Sensex's rise of 12 per cent.