Page 5 - Bank Of Maharashtra

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

Bank of Maharashtra plans to raise Rs 1,500 cr via bonds to fund business

State-owned Bank of Maharashtra (BoM) on Tuesday said it plans to raise Rs 1,500 crore through bonds to fund business growth. The lender intends to raise the funds through private placement of Basel-III compliant tier II bonds, BoM said in a regulatory filing. The issue size is Rs 250 crore with a green shoe option of Rs 1,250 crore, it added. The tenure of the bonds is going to be 10 years. The bond auction date is September 14, while allotment to bidders would be made on September 18, the filing said.

Bank of Maharashtra tops PSU lenders chart in loan, deposit growth in Q1

State-owned Bank of Maharashtra (BoM) has emerged as the top performer among public sector lenders in loan and deposit growth in percentage terms during the first quarter of the current financial year. The deposit and advances of the Pune-based lender recorded nearly 25 per cent rise, the highest by any public sector bank during the April-June quarter. With a growth rate of 24.98 per cent the gross domestic advances of the bank rose to Rs 1,75,676 crore at the end of June 2023, according to published quarterly numbers of the public sector banks (PSBs). It was followed by UCO Bank with 20.70 per cent growth, while Bank of Baroda with 16.80 per cent and Indian Overseas Bank with 16.21 per cent growth were at third and fourth spot respectively. Country's largest lender State Bank of India stood at fifth spot with 15.08 per cent rise in domestic advances growth. However, SBI's total loans were about 16 times higher at Rs 28,20,433 crore, as compared to Rs 1,75,676 crore of BoM in abso

Bank of Maharashtra cuts home, car loan rates by upto 20 basis points

The lender has hiked the MCLR by 10 basis points in select tenors upto one year

Bank of Baroda, Canara Bank, BoM hike lending rates by up to 10 bps

A number of public sector banks, including Bank of Baroda (BoB) and Canara Bank, raised the marginal cost of funds based lending rates (MCLR) by up to 10 basis points even though RBI retained policy rate on Thursday. The move will make EMIs linked to MCLR expensive. The one-year tenor MCLR is the rate against which most consumer loans are tied to. The revised one-year MCLR would be 8.70 per cent as against the existing rate of 8.65 per cent, BoB said in a regulatory filing. The new rate would be effective from August 12, it said. Canara Bank too raised its MCLR by 5 basis points to 8.70 per cent effective August 12. Another public sector lender, Bank of Maharashtra (BoM) has increased its MCLR by 10 basis points. With the hike, the rate of one-year MCLR rises to 8.60 per cent as compared to 8.50 per cent, BoM said in a filing. The revised rate is effective from August 10, 2023, it said. The Monetary Policy Committee (MPC) has decided to keep the policy repo rate unchanged at 6

Nifty50: Uptrend likely once it breaches 19,700; support seen at 19,300

A level below 19,300 would be considered bearish sign in Nifty for the short term, says Vinay Rajani, senior technical and derivative research analyst at HDFC Securities

Buy Bank of India, Bank of Maharashtra: Vinay Rajani of HDFC Securities

On the broader market outlook, Vinay Rajani the technical & derivative analyst says that the Nifty could swing in the 19,783 - 19,567 range in the near term.

UCO Bank, Bank of Maharashtra without chairpersons since April 2015

State-run UCO Bank and Bank of Maharashtra are working without chairpersons since April 2015, the Lok Sabha was told on Monday. Bank of India, Central Bank of India, Indian Bank, and Indian Overseas Bank, also do not have chairpersons. The posts of chairpersons have been vacant in UCO Bank and Bank of Maharashtra since April 22, 2015, Minister of State for Finance Bhagwat Karad said in the Lok Sabha in a written reply. The top post in Indian Bank has been vacant since August 2018, while Bank of India is without a chairperson since August 2020, Indian Overseas Bank since February 2020, and Central Bank of India since May 2021. The country has 12 public sector banks (PSBs). The provision to separate posts of chairpersons and managing directors in PSBs was made in April 2015. Subsequently, non-executive chairpersons have been appointed in nine banks, the minister said. The government, which appoints chairpersons of state-owned banks, has constituted Financial Services Institutions

Stocks to watch: RIL, HUL, Infosys, Bank of Maha, L&T Finance, Tata Coffee

Stocks to watch on July 20, 2023: From Reliance Industries to Hindustan Unilever, check out the top stocks to watch in Thursday's trading session

Bank of Maharashtra plans to raise Rs 2,000 crore via AT1, Tier II bonds

Another equity offering on cards

Bank of Maharashtra Q1 net up 95.2% YoY at Rs 882 cr; NPA provisions fall

It made a provision of Rs 250 crore for any additional burden due to shifting to expected credit loss (ECL) for loan portfolio

Bank of Maharashtra Q1FY24 result: Net profit up 95% YoY to Rs 882 cr

Net Interest Income (NII) grew by 38.80% YoY to Rs 2,340 crore in Q1FY24 as against Rs 1,686 crore for Q1FY23