Bank of Maharashtra edge higher after Q3 gross advances spurts 21% YoY

Bank of Maharashtra rallied 4.11% to Rs 54.94 after the public sector bank said that its gross advances jumped 21.19% to Rs 2,28,652 crore as of 31 December 2024 as against Rs 1,88,670 crore as of 31 December 2023.

Sequentially, the gross advances gained 5.12% in the December quarter from Rs 2,17,504 crore as of 30 September 2024.

The Bank of Maharashtra reported a 13.54% growth in total deposit to Rs 2,79,018 crore as of 31 December 2024 as against Rs 2,45,734 crore as of 31 December 2023, and 0.98% marginally grew from Rs 2,76,289 crore as on 30 September 2024.

 

The bank's total business as of 31 December 2024 was at Rs 5,07,670 crore, registering a growth of 16.86% year on year (YoY) and 2.81% quarter on quarter (QoQ).

CASA deposits stood at Rs 1,37,504 crore as of 31 December 2024 (up 11.49% YoY and up 0.97% QoQ).

CASA ratio reduced to 49.28% as of 31 December 2024 from 50.19% as of 31 December 2023 and 49.29% as of 30 September 2024.

Bank of Maharashtra is a public sector bank in India. The Government of India held a 79.60% stake in the bank as of 30 September 2024.

The banks reported standalone net profit of Rs 1,326.77 crore in Q2 FY25, registering a growth of 44.24% as against Rs 919.78 crore posted in Q2 FY24. Total income jumped 18.71% to Rs 6,809.18 crore in second quarter of FY25 as against Rs 5,735.52 crore posted in the corresponding quarter previous year.

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