Page 6 - Bank Of Maharashtra

Bank of Maharashtra clocks credit growth of 25% at Rs 1.75 trn in June

State-owned Bank of Maharashtra (BoM) on Monday said it has posted a credit growth of 24.93 per cent at Rs 1.75 lakh crore in the June quarter. The outstanding credit was Rs 1.40 lakh crore at the end of June 30, 2022, BoM said in a regulatory filing. The Pune-headquartered lender registered a 24.82 per cent growth in total business (total advances and total deposits) to Rs 4.19 lakh crore at the end of June 2023 as against Rs 3.36 lakh crore at the end of the same quarter of previous fiscal. Total deposits of the bank increased by 24.73 per cent to Rs 2.44 lakh crore as against Rs 1.95 lakh crore at the end of the first quarter of the previous financial year. During the quarter, it said, the Current Account and Savings Account (CASA) ratio stood at 50.97 per cent of the total deposits. With regard to Credit Deposit (CD) ratio, it said, the number has increased to 71.86 per cent at the end of June 30, 2023 as against 71.75 per cent in the year-ago period. Gross investment of the

Banks post robust credit growth in Q1; deposit mobilisation improves

Bank of Maharashtra said its loans expanded by 25 per cent YoY to Rs.1.75 trillion. This pace was much higher than the banking system's 15.4 per cent growth till June 16, 2023, according to RBI

RBI imposes fine on Jammu and Kashmir Bank, Bank of Maharashtra, Axis Bank

The Reserve Bank on Friday said it has imposed a penalty of Rs 2.5 crore on Jammu and Kashmir Bank for non-compliance with certain directions, including one related to 'time-bound implementation and strengthening of SWIFT-related operational controls'. A penalty of Rs 1.45 crore has also been imposed on Bank of Maharashtra for non-compliance with certain directions issued by RBI on Loans and Advances Statutory and Other Restrictions' and Advisory on Man in the Middle (MiTM) Attacks in ATMs'. In another statement, the RBI said a penalty of Rs 30 lakh has been imposed on Axis Bank. The lender, it said had levied penal charges in certain accounts for late payment of credit card dues though the customers had paid the dues by the due date, through third-party platforms. The RBI, however, said penalities are based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.

Bank of Maharashtra plans to recover 5% from written-off accounts in FY24

The Pune-based lender had recovered Rs 943 crore from written-off accounts in FY23, up from Rs 642 crore in FY22, according to the document filed Qualified Institutional Placement (QIP)

Bank of Maharashtra slips 7% as new shares allotted to QIBs get listed

The board of Bank of Maharashtra on Tuesday, June 6, 2023 allotted 350.88 million equity shares of Rs 10 each allotted to QIBs pursuant to QIP

State-owned BoM raises Rs 1,000 cr via qualified institutional placement

State-owned Bank of Maharashtra (BoM) on Wednesday said it has raised Rs 1,000 crore through Qualified Institutional Placement (QIP). The QIP opened on June 1 and closed on June 6, 2023. The board of the bank had approved the issuance of equity shares to Qualified Institutional Investors at the rate of Rs 28.50 per unit (with premium of Rs 18.50 per share), BoM said in a statement. The QIP was fully subscribed and received a strong response from domestic as well as foreign institutional investors, highlighting a well-diversified representation and demand from across the globe. The capital raised through QIP will not only strengthen capital adequacy ratio of the bank but also support growth, it said. It will also help meet minimum public shareholding (MPS) norms of market regulator Sebi. As per Sebi norms, listed entities are required to have at least 25 per cent public shareholding. Currently, the government of India holds a 90.97 per cent stake in the bank. The QIP will help b

Bank of Maharashtra emerges as top performer in NPA management during FY23

The Pune-based state-owned lender was followed by HDFC Bank with net NPA falling to 0.27 per cent and Kotak Mahindra Bank clinching the third spot with 0.37 per cent of net advances

Bank of Maharashtra tops PSU lenders chart in profit, loan growth in FY23

State-owned Bank of Maharashtra (BoM) has emerged as the top performer among public sector lenders in terms of loan and deposit growth in percentage terms during 2022-23. The Pune-headquartered lender also recorded highest growth in profitability with bottomline growing almost 126 per cent to Rs 2,602 crore during the year. However, all the 12 public sector banks together recorded 57 per cent jump in net profit at Rs 1,04,649 crore in FY23, according to published yearly numbers of public sector banks (PSBs). In terms of percentage increase in gross advances, BoM recorded 29.4 per cent jump in loans at Rs 1,75,120 crore as of March 2023. It was followed by Indian Overseas Bank and UCO Bank with 21.2 per cent and 20.6 per cent growth, respectively. However, in absolute terms, aggregate loans of the country's biggest lender SBI were nearly 16 times higher at Rs 27,76,802 crore. With regard to deposit growth, BoM witnessed 15.7 per cent rise and mobilised Rs 2,34,083 crore at the end

Mahabank Q3 net up 136.5% at Rs 840 cr, interest margins boost bottom-line

Public sector lender to raise capital up to Rs 7,500 cr; recommends dividend of 13% per share of Rs 10 each

Banks, Wipro lift indices in fag-end; Sensex up 401 pts, Nifty tops 17,700

CLOSING BELL: The gains in benchmark indices were led by HDFC Life (up 6.4 per cent), Wipro, ICICI Bank, Titan, Axis Bank, SBI, Hero MotoCorp, Grasim, and Adani Ports

Bank of Maharashtra reports more than double profit to Rs 840 cr in Q4

State-owned Bank of Maharashtra (BoM) on Monday reported a more than two-fold jump in its net profit to Rs 840 crore for the March quarter, helped by a decline in bad loans and a rise in interest income. The bank had earned a net profit of Rs 355 crore in the year-ago period. During the quarter, the bank's total income increased to Rs 5,317 crore as against Rs 3,949 crore a year ago, BoM said in a regulatory filing. Interest income grew to Rs 4,495 crore during the period under review, from Rs 3,426 crore in the corresponding quarter a year ago. The bank's board has recommended a dividend of Rs 1.30 per share or 13 per cent of Rs 10 face value out of the net profits for the year ended March 31, 2023. Gross Non-Performing Assets (NPAs) were reduced to 2.47 per cent of gross advances as of March 31, 2023 from 3.94 per cent by the end of March 2022. Net NPAs also came down to 0.25 per cent of the advances from 0.97 per cent at the end of 2022. The fall in bad loans ratio helped cut

Bank of Maharashtra Q4 net profit more than doubles to Rs 840 crore

Bank has announced a dividend of Rs 1.3 per share with a face value of Rs 10

IndusInd Bank to Persistent Systems: Q4 results to watch out for today

Tata Teleservices, Century Textiles & Industries, Tamilnad Mercantile Bank, Mahindra Logistics, IIFL Securities, Nelco, and Kshitij Investment are other companies that will declare Q4 results today

Bank of Maharashtra hikes lending rates by 10 basis points across tenors

State-owned Bank of Maharashtra (BoM) on Monday announced increase in the marginal cost of funds based lending rates (MCLR) by 10 basis points across tenors. The revision in MCLR is effective from April 15, 2023. The benchmark one-year MCLR is up by 10 basis points to 8.50 per cent, it said. The one-year rate is used to fix most consumer loans such as auto, personal and home loans. The overnight and one-month tenor MCLRs are raised by 0.10 per cent to 7.90 per cent and 8.10 per cent each while the six-month maturity bucket increased to 8.40 per cent.

BoM strengthens ease of banking for customers; launches new products

State-owned Bank of Maharashtra (BoM) on Friday announced launch of several new products and utilities including digitised personal loans and upgraded mobile banking. To make customer journey more efficient and strengthen bank's digitization journey, the bank launched, end-to-end digitised personal loans for customers in several regions viz. Pune region (Pune West, Pune City & Pune East), Bengaluru, Kolkata, Patna and Chandigarh, BoM said in a statement. Existing customers can avail loan up to Rs 20 lakh, in a hassle free manner, through digitised medium, it said. To add to the customer delight bank came up with features for its Visa and Rupaydebit Cards. Visa International Debit Card is new edge contactless card which will work on all tap & pay device, across India and abroad, which can be availed without any joining fees, it said. It can also serve as an electronic purse, where money gets debited instantly from the account whenever the customers pays, it said, adding, the ...

BoM logs 30% loan growth, total business crosses Rs 4 trn in Q4 FY23

State-owned Bank of Maharashtra (BoM) on Wednesday said it has posted a credit growth of 29.59 per cent at Rs 1.75 lakh crore for the March quarter. The outstanding credit was Rs 1.35 lakh crore at the end of March 31, 2022, BoM said in a regulatory filing. The Pune-headquartered lender registered a 21.28 growth in total business to cross a milestone of Rs 4 lakh crore. At the end of March 2023, the total business (total advances and total deposits) increased to Rs 4.09 lakh crore as against Rs 3.37 lakh crore at the end of the previous fiscal. Total deposits of the bank increased by 15.7 per cent to Rs 2.34 lakh crore as against Rs 2.02 lakh crore at the end of the fourth quarter of the previous financial year. During the quarter, it said, the Current Account and Savings Account (CASA) stood at 53.39 per cent of the total deposits. With regard to Credit Deposit (CD) ratio, it said, the number has increased to 74.87 per cent at the end of March 31, 2023 as against 66.85 per cent i

Bank of Maharashtra opens first dedicated branch for startups in Pune

State-owned Bank of Maharashtra (BoM) on Friday said it has opened its first dedicated branch for startups in Pune. The dedicated branch will provide all kinds of support to a startup during its growth journey, BoM said in a statement. During the inauguration, BoM MD and CEO AS Rajeev said, "India is one of the growing hubs for startups and unicorns in the world. It is imperative for us to start our own dedicated branch for startups, where we shall cater to all their needs -- right from the inception to the issuance of IPO/FPO". Pune is strategically important for us to venture into, considering the technological and industrial advancement of the city and the expertise the bank has, the lender said. This will begin a new vista for the bank and also for startups in Pune city and Maharashtra state, he added. Speaking at the occasion, BoM ED Asheesh Pandey said startups are entrepreneurial ventures in an early stage of business operation, which if properly nurtured, becomes an integr

SBI received Rs 8,800 crore from DFS in FY18 without asking for it: CAG

The department under the finance ministry did not conduct an assessment of the capital requirement according to its own standard practice before recapitalisation

After BoB, Bank of Maharashtra cuts home loan rate effective March 13

20 bps reduction takes rate to 8.4% as the lender scales up efforts to cater to growing volumes ahead of the close of the financial year

Bank of Maharashtra cuts home loan rate to 8.4% from existing 8.6%

State-owned Bank of Maharashtra (BoM) on Sunday announced a reduction in the interest rate on home loans to 8.4 per cent from the existing 8.6 per cent. The new rate is effective from March 13, 2023, BoM said in a statement. The home loan at 8.4 per cent makes it one of the lowest in the banking sector. Besides, it said, the bank has also a special rate of interest (ROI) for defence personnel, including paramilitary forces, benefiting salaried and pensioner categories for home loans. BoM has already waived processing fees for its gold, home and car loans under the festive offer, the lender said. By introducing this offer, it said, BoM is offering the most lucrative ROI with added benefits on its array of products, benefiting customers availing them. Last week, public sector lender Bank of Baroda slashed its home loan interest rates by 40 basis points (bps) to 8.5 per cent. Further, BoB also reduced its MSME loan interest rates starting at 8.4 per cent. Both offers were effectiv