Page 3 - Bank Of Maharashtra

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

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

Bank of Maharashtra Q2 results: Net profit up 44% on healthy NII growth

Expects net to cross Rs 5,000 cr for Fy25

Bank of Maharashtra Q2 results: Profit surges 44% to Rs 1,327 crore

State-owned Bank of Maharashtra (BoM) on Tuesday posted a 44 per cent jump in its profit at Rs 1,327 crore in the second quarter ended September 2024 on account of improvement in interest income. The Pune-based lender had posted a net profit of Rs 920 crore in the same quarter a year ago. Total income increased to Rs 6,809 crore during the quarter under review against Rs 5,736 crore in the same period last year, BoM said in a regulatory filing. Talking about the financial performance, BoM Managing Director Nidhu Saxena said Net Interest Margin (NIM) increased to 3.98 per cent, from 3.88 per cent in the same quarter a year ago. Among the stack of 12 public sector banks, BoM has the highest NIM, Saxena said, adding the target for the NIM for the current fiscal is 3.75-3.85 per cent anticipating a rate cut during the course of the year. He further said the bank expects the net profit of the bank to cross Rs 5,000 crore during the current fiscal. In the H1, the profit has crossed Rs

LIC boosts stake in Pune-based Bank of Maharashtra from 4.05% to 7.10%

LIC acquired 3.376 per cent equity of the bank during the QIP process at an average cost of Rs 57.36

Cong attacks Mahayuti govt over Adani's win to supply power to Maharashtra

With the Adani Group winning a bid to supply 6,600 MW of bundled renewable and thermal power to Maharashtra, the Congress on Sunday alleged that it was a "rigged deal" facilitated by the Mahayuti government, which it claimed was "tottering towards a landslide defeat" in the upcoming assembly polls. The opposition party's attack came after the Adani Group won a bid to supply 6,600 MW of bundled renewable and thermal power to Maharashtra for the long term after its quote of Rs 4.08 per unit beat the likes of JSW Energy and Torrent Power. Reacting to the development, Congress general secretary in-charge Jairam Ramesh said, "Even as the Mahayuti Government in Maharashtra totters towards a landslide defeat, this is what they choose to do with their last few days in power. Yet another Modani enterprise undoubtedly!" "Shocking details of this rigged deal will soon start tumbling out," Ramesh said in X. Supplies are to start in 48 months from the date of award of the letter of intent. Lat

FinMin clears decks for PNB, BoM to raise Rs 10,000 cr via QIP in FY25

Receives similar proposals from Union Bank of India, UCO Bank, Indian Overseas Bank

RBI levies penalty on BoM, Hinduja Leyland Finance, Poonawalla Fincorp

The Reserve Bank on Friday said it has imposed a penalty of Rs 1.27 crore on Bank of Maharashtra (BoM) for violating its directions, including on Know Your Customer. The Reserve Bank of India (RBI) has, by an order dated August 8, 2024, imposed a monetary penalty of Rs 1.27 crore on Bank of Maharashtra for non-compliance with certain directions issued by RBI on 'Loan System for Delivery of Bank Credit', 'Cyber Security Framework in Banks' and 'Know Your Customer', the central bank said in a statement. After considering the bank's reply to the notice, oral submissions made during the personal hearing and examination of additional submissions made by it, RBI found that the charges against the bank were sustained, warranting imposition of monetary penalty. Besides, the RBI has imposed a monetary penalty of Rs 4.90 lakh on Hinduja Leyland Finance Ltd for non-compliance with certain provisions of the Know Your Customer (KYC) Directions, 2016. The action is based on a deficiency in ...

Bank of Maharashtra raises just Rs 811 crore in infrastructure bond sale

Lender was looking to mop up Rs 3,000 crore, but bids totalled only Rs 1,390 crore

Bank of Maharashtra likely to issue maiden infra bonds to raise Rs 3,000 cr

Earlier this month, the bank had raised Rs 1,000 cr via Basel III compliant tier II bonds maturing in 10 years at a coupon of 7.89 per cent

11 public banks charge Rs 2,331 cr for non-maintenance of minimum balance

For the recovery of this charge from account holders, public sector banks have formulated slab structures based on different geographies and segments

Banks to equity fundraise Rs 40,000 crore in H2FY25 to boost balance sheets

State-run banks Punjab National Bank and Bank of Maharashtra are leading the fundraising with both seeking Rs 7,500 crore each

BoM Q1 results: Net up 46.64% to Rs 1,293 cr on healthy NII growth

Mulls to raise upto Rs 10,000 crore through Infrastructure bonds

Bank of Maharashtra's net profit surge over 46% in Q1FY25; stock jumps 7%

The share price gained after the public sector bank on Monday reported a 46.6 per cent year-on-year rise in profit after tax (PAT)

Bank of Maharashtra records 19% growth in credit for April-June quarter

State-owned Bank of Maharashtra (BoM) on Friday reported a 19 per cent growth in credit to Rs 2.09 lakh crore for the April-June quarter. The outstanding credit was Rs 1.75 lakh crore at the end of June 30, 2023, BoM said in a regulatory filing. The Pune-headquartered lender reported a 9.44 per cent increase in total deposits to Rs 2.67 lakh crore as against Rs 2.44 lakh crore at the end of the first quarter of the previous financial year. During the quarter, it said, Current Accounts and Savings Accounts declined to 49.86 per cent of the total deposits as against 50.97 per cent. The Credit Deposit ratio increased to 78.18 per cent at the end of June 30, 2024, as against 71.89 per cent in the year-ago period.

Bank of Maharashtra launches VKYC for remote account opening; check details

To ensure a smooth experience, have your Aadhaar number, PAN card soft copy, linked mobile number, and signature ready

Bullish on PSU Banks, CPSE stocks? UCO Bank, SJVN look strong on charts

Stock market outlook on Nifty PSU Banks, Nifty CPSE stocks: Technical chart suggests up to 22 per cent upside for UCO Bank, SJVN, NHPC and Bank of Maharashtra; here's why.

Bank of Maharashtra tops among PSU lenders in business growth in FY24

State-owned Bank of Maharashtra recorded the highest growth rate last fiscal in terms of total business and deposit mobilisation among public sector lenders at a time when most banks are facing difficulty in achieving double-digit growth. The Pune-headquartered lender has registered a 15.94 per cent rise in the total business (domestic) in FY24, followed by the country's largest lender State Bank of India (SBI) with 13.12 per cent growth, according to published financial numbers of the public sector banks (PSBs). However, SBI's total business (deposit and advances) was about 16.7 times higher at Rs 79,52,784 crore compared to Rs 4,74,411 crore of Bank of Maharashtra (BoM) in absolute terms. Similarly, BoM continued to maintain its top spot in terms of growth in deposit mobilisation, with a 15.66 per cent rise in FY24. It was followed by SBI (11.07 per cent), Bank of India (11.05 per cent) and Canara Bank (10.98 per cent). Out of 12 public sector banks, only these four lenders could

Bank of Maharashtra Q4 results: Net profit up 45% at Rs 1,218 crore

Public sector lender mulls Rs 7,500 crore equity capital raise

Bank of Maharashtra Q4 profit jumps 45% to Rs 1,218 cr, bad loans decline

State-owned Bank of Maharashtra (BoM) on Friday reported a 45 per cent jump in its net profit to Rs 1,218 crore for the March quarter, helped by a decline in bad loans and a rise in interest income. The Pune-based lender had earned a net profit of Rs 840 crore in the year-ago period. During the quarter, the bank's total income increased to Rs 6,488 crore as against Rs 5,317 crore a year ago, BoM said in a regulatory filing. Interest income grew to Rs 5,467 crore during the period under review, from Rs 4,495 crore in the corresponding quarter a year ago. The bank's board has recommended a dividend of Rs 1.40 per share or 14 per cent of Rs 10 face value out of the net profits for the year ended March 31, 2024. On the asset quality side, the bank's Gross Non-Performing Assets (NPAs) were reduced to 1.88 per cent of gross advances as of March 31, 2024, from 2.47 per cent by the end of March 2023. Net NPAs also came down to 0.20 per cent of the advances from 0.25 per cent at the end o

Bank of Maharashtra reports 16% credit growth in Q4 at Rs 2.03 trn

State-owned Bank of Maharashtra (BoM) on Friday said it has posted a credit growth of 16.31 per cent at Rs 2.03 lakh crore for the March quarter. The outstanding credit was Rs 1.75 lakh crore at the end of March 31, 2023, BoM said in a regulatory filing. The Pune-headquartered lender reported 15.63 per cent increase in total deposits to Rs 2.70 lakh crore as against Rs 2.34 lakh crore at the end of the fourth quarter of the previous financial year. During the quarter, it said, Current Account and Savings Account (CASA) declined to 52.73 per cent of the total deposits as against 53.39 per cent. The Credit Deposit (CD) ratio increased to 75.23 per cent at the end of March 31, 2024 as against 74.87 per cent in the year-ago period.