Page 4 - Bank Of Maharashtra

5 PSU banks to reduce govt shareholding to meet Sebi's MPS norms: DFS Secy

Five public sector lenders, including Bank of Maharashtra, IOB and UCO Bank are planning to reduce government stake to less than 75 per cent to comply with Sebi's minimum public shareholding (MPS) norms, Financial Services Secretary Vivek Joshi has said. Out of 12 public sector banks (PSBs), four were complying with MPS norms as on March 31, 2023. "As part of an ongoing effort, three more PSBs have complied with minimum 25 per cent public float during the current financial year. Remaining five PSBs have laid out action plans to meet MPS requirement," he told PTI in an interaction. Currently, government holding in Delhi-based Punjab & Sind Bank is 98.25 per cent. It is followed by Chennai-based Indian Overseas Bank at 96.38 per cent, UCO Bank 95.39 per cent, Central Bank of India 93.08 per cent, Bank of Maharashtra at 86.46 per cent. As per the Securities and Exchange Board of India (Sebi), all listed companies must maintain an MPS of 25 per cent. However, the regulator had given .

BoM records highest growth in deposit mobilisation among PSU banks in Q3

Bank of Maharashtra (BoM) has recorded the highest growth rate in terms of deposit mobilisation among public sector lenders at a time when most lenders are facing difficulty in achieving double-digit growth. Out of 12 public sector banks, only BoM and State Bank of India (SBI) could log a double-digit growth in deposits in the third quarter ended December 2023. The Pune-based lender BoM reported a 17.89 per cent growth in deposits followed by SBI at 12.84 per cent during the quarter, according to published quarterly numbers of the public sector banks (PSBs). However, SBI's total deposits were about 18.5 times higher at Rs 45,67,927 crore, as compared to Rs 2,45,734 crore of BoM in absolute terms. Central Bank of India was the third by clocking a 9.53 per cent growth in deposits while Punjab National Bank recorded a 9.10 per cent increase. In terms of low-cost CASA deposits, BoM continued to top the chart with 50.19 per cent followed by Central Bank of India with 48.98 per cent. H

Nifty forms dark cloud cover pattern; NCC, Maha Bank buy calls for Jan 31

Nifty has formed a bearish Dark cloud cover pattern on daily charts. It could now face resistance at 21,813 while 21,429 could offer support

Bank of Maharashtra Q3 net up 34 % at Rs 1,036 cr, slows corporate lending

State-owned lender says it has increased share of loans in retail, agriculture and MSME segments

Bank of Maharashtra Q3 results: Profit jumps 34% to Rs 1,036 crore

State-owned Bank of Maharashtra (BoM) on Tuesday posted a 34 per cent rise in net profit to Rs 1,036 crore in the third quarter ended December 2023 due to improvement in interest income and a decline in bad loans. The Pune-based lender had posted a net profit of Rs 775 crore in the same quarter a year ago. Its total income increased to Rs 5,851 crore during the quarter under review against Rs 4,770 crore in the same period last year. Speaking about quarterly numbers BoM managing director AS Rajeev said the net interest income (NII) grew by 24.56 per cent to Rs 2,466 crore against Rs 1,980 crore in the year-ago period. The bank earned an interest income of Rs 5,171 crore during the quarter compared to Rs 4,129 crore a year ago. Rajeev further said operating profit has shown a growth of 27.32 per cent to Rs 2,012 crore from Rs 1,580 crore in Q3 FY23. The bank was able to reduce gross non-performing assets (NPAs) to 2.04 per cent of the gross loans by the end of December 2023 from 2

Bank of Maharashtra's profit jumps 34% to Rs 1,036 cr, NPAs down to 0.22%

State-owned Bank of Maharashtra (BoM) on Tuesday posted a 34 per cent rise in its profit at Rs 1,036 crore in the third quarter ended December 2023. The Pune-based lender had posted a net profit of Rs 775 crore in the same quarter a year ago. Total income increased to Rs 5,851 crore during the quarter under review against Rs 4,770 crore in the same period last year, BoM said in a regulatory filing. The bank earned an interest income of Rs 5,171 crore during the quarter compared to Rs 4,129 crore in the same period a year ago. The bank was able to reduce gross Non-Performing Assets (NPAs) to 2.04 per cent of the gross loans by the end of December 2023 from 2.94 per cent a year ago. Similarly, net NPAs or bad loans came down to 0.22 per cent from 0.47 per cent at the end of the third quarter of the previous fiscal.

Bank of Maharashtra slashes home loan rate on new year by 15 bps to 8.35%

State-owned Bank of Maharashtra (BoM) on Wednesday trimmed its home loan rate by 15 basis points to 8.35 per cent as part of its new year offer to customers. The processing fees are also waived on home loans, BoM said in a statement. This dual benefit of reduced interest rates and waiver of processing fees in home loans is a testament of bank's commitment to offer best financing solutions to all its valued customers and help them fulfil their needs, it said. In the current high-interest rate landscape, bank is making retail loans cheaper to bring in cheer among customers, it said. By introducing this offer, bank is offering one of the lowest interest rates in the banking industry for home loans, it said, adding, the bank has already waived processing fees for home, car and retail gold loans under its 'New Year Dhamaka offer'.

Q3 FY24 report card: Bank CASA continues to remain under pressure

According to provisional data, the CASA ratio of South Indian Bank dropped to 31.79 per cent from 33.83 per cent in the same quarter of the financial year 2022-23

State-owned PNB, BoM record double-digit loan growth during Oct-Dec quarter

State-owned Punjab National Bank (PNB) on Tuesday said it has posted a 13.5 per cent growth in advances to Rs 9.72 lakh crore for the December quarter. Total advances stood at Rs 8.56 lakh crore at the end of the third quarter of the last financial year, PNB said in a regulatory filing. Another public sector lender Bank of Maharashtra (BoM) in a separate filing said it saw a 20.28 per cent increase in loan growth to Rs 1.88 lakh crore as against Rs 1.56 lakh crore in the third quarter of the previous fiscal. The Pune-based lender recorded a 17.90 per cent improvement in deposit growth at Rs 2.45 lakh crore as compared to Rs 2.08 lakh crore at the end of December 2022. At the same time PNB's deposits rose a tad lower at 9.4 per cent to Rs 13.23 lakh crore during the quarter from Rs 12.10 lakh crore in the year-ago period, it said. As a result, the total business of the bank increased 11.1 per cent to Rs 22.95 lakh crore at the end of December 31, 2023, it added.

Bank of Maharashtra raises Rs 259 cr at 7.99% through tier-II bonds

The issue had a base size of Rs 250 crore and a greenshoe option of Rs 750 crore

Govt approves extension of Bank of Maharashtra, Central Bank MDs' tenure

The government has cleared the extension of tenure of managing directors of two public sector lenders -- Bank of Maharashtra (BoM) and Central Bank of India. According to sources, Appointments Committee of the Cabinet (ACC) has approved extension of term of office of A S Rajeev, MD and CEO of BoM, for six months till his superannuation. Besides, sources said, ACC has extended the term of M V Rao, MD and CEO of Central Bank of India, till July 31, 2025. Rajeev was appointed MD and CEO of BoM in 2018 while Rao took charge as MD and CEO of Central Bank of India in 2021.

Bank of Maharashtra top among PSU lenders in loan, deposit growth in Q2

State-owned Bank of Maharashtra (BoM) retained the top spot among public sector lenders in loan and deposit growth in percentage terms during the second quarter of the current financial year. The deposit and advances of the Pune-based lender posted an over 20 per cent rise, the highest by any public sector bank during the July-September period. With a growth rate of 23.55 per cent, gross domestic advances of the bank rose to Rs 1,83,122 crore at the end of September 2023, according to published quarterly numbers of public sector banks (PSBs). It was followed by Indian Overseas Bank with 20.29 per cent growth, Central Bank of India (17.26 per cent growth) and UCO Bank with 16.53 per cent growth. The country's largest lender State Bank of India (SBI) stood at the seventh spot with 13.21 per cent rise in domestic advances growth. However, SBI's total loans were about 16 times higher at Rs 28,84,007 crore as compared to Rs 1,75,676 crore of BoM in absolute terms. With regard to depos

Bank of Maha Q2 net up 72% at Rs 920 cr, rules out equity capital offering

On a quarter-on-quarter basis, the bank's profit rose by 4.27 per cent from Rs 882 crore in Q1 of FY24. The stock ended the day 1.26 per cent higher at Rs 47.42 a share on BSE

Bank of Maharashtra Q2 results: Profits up 71% YoY, NPA down 2.19%

Gross NPA down to 2.19% from 3.40% last year and net NPA down to 0.23% from 0.68% last year

Three banks raise deposit interest rates in a bid to meet credit demand

Bankers have stated that rates have been adjusted in some tenures to align with market rates, given the competition to attract more money into deposits

Bank of Maharashtra increases lending rate by 10 bps for select tenure

State-owned Bank of Maharashtra (BoM) on Thursday said it has increased its marginal cost of funds-based lending rate (MCLR) for select tenure by 10 basis points. The benchmark one-year MCLR, used to price most consumer loans such as auto, personal and home, has been revised upwards to 8.60 per cent from 8.70 per cent, the lender said in a regulatory filing. The revised MCLR has come into effect from October 11, 2023. At the same time, the Pune-based bank has increased its fixed deposit rates by up to 125 basis points, or 1.25 per cent, with effect from Thursday. The rate increase applies to fixed deposits and special schemes as per the period maintained by the bank, the lender said in a statement. The hike in deposit rates will encourage individuals and businesses to save more as there is a sharp increase of 125 bps in deposit rates for the tenure of 46-90 days, it said. For a tenure of 1-year interest would be 6.50 per cent, and for deposits above one year, customers will enjoy

BoM hikes fixed deposit rates up to 125 bps, to be effective from Oct 12

State-owned Bank of Maharashtra (BoM) on Wednesday increased its fixed deposit rates by up to 125 basis points, or 1.25 per cent. The new rates are effective from October 12, BoM said in a statement. The rate increase applies to fixed deposits as well as special schemes as per period maintained by the bank, it said. The hike in deposit rates will encourage individuals and business to save more as there is a sharp increase of 125 bps in deposit rates for the tenure of 46-90 days, it said. For tenure of 1-year interest would be 6.50 per cent and for deposits above one year, customers will enjoy an increase of 25 bps, up to 6.25 per cent, it said. The senior citizens shall enjoy an additional benefit of 50 bps in interest rate with an attractive deposit rate of up to 7.5 per cent under 200/400 days' special scheme, as per the statement. The bank's attractive interest rates make it a compelling option for both short-term and long-term savers fostering trust and loyalty among them, it

Q2 advances: Federal Bank to BoM, banks clock healthy double-digit growth

The pace of loan growth for these lenders was higher than the 15.1 per cent Y-o-Y growth in advances of the banking system until 8 September 2023, according to Reserve Bank of India's data

Stocks to Watch: RIL, RR Kabel, Tata Motors, Bank of Maha, Bharat Dynamics

Stocks to Watch today, September 20, 2023: RR Kabel is set to debut at the stock exchanges on Wednesday, becoming the first entity to make a T+2 listing

State-owned IREDA partners with BoM to finance renewable energy projects

State-owned Indian Renewable Energy Development Agency (IREDA) on Monday inked an initial pact with Bank of Maharashtra to finance renewable energy projects. The collaboration aims to promote and facilitate co-lending and loan syndication for a diverse spectrum of renewable energy projects across the nation, according to a statement. "IREDA has signed a significant Memorandum of Understanding (MoU) with Bank of Maharashtra (BoM) today, September 18," the statement said. The MoU comprises several services, including co-lending and co-origination support for all renewable energy projects, facilitating loan syndication and underwriting, management of trust & retention account for IREDA borrowers, and a commitment to establishing stable fixed interest rates spanning a period of 3-4 years for IREDA borrowings, the statement said. Under the agreement, BoM can invest in the bonds issued by IREDA in accordance with the specified terms and conditions of the offering. The MoU was signed by