Page 6 - Bank Of Maharashtra

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

No SVB-like scenario in India; banks are on a strong footing, say analysts

The sell-off in the banking pack, analysts said, was a knee-jerk reaction to the developments with US-based Silicon Valley Bank (SVB) that announced a share sale to shore up its finances

BoM tops list of public sector lenders in loan growth, asset quality

Bank of Maharashtra (BoM) has emerged as the top performer among state-owned lenders in terms of loan growth percentage during the third quarter of 2022-23, an analysis of the latest financial results of public sector banks showed. The Pune-based lender recorded a 21.67 per cent increase in gross advances on a year-on-year basis, according to the latest quarterly numbers of the public sector bank (PSB). The bank has maintained the top slot in credit growth in percentage terms consistently for the past 10 quarters despite COVID-19 pressures. BoM was followed by the Union Bank of India with 19.80 per cent growth. Country's largest lender State Bank of India (SBI) stood at fourth spot with 16.91 per cent rise in advances growth. However, SBI's total loans were about 17 times higher at Rs 26,47,205 crore as compared to Rs 1,56,962 crore of BoM in absolute terms. In terms of Retail-Agriculture-MSME (RAM) loans, BoM has recorded the highest growth of 19.18 per cent, followed by Punjab &

PSBs profit jumps 65% to Rs 29,175 cr in Q3; Bank of Maharashtra tops chart

Public sector banks (PSBs) have logged a robust profit growth of 65 per cent to Rs 29,175 crore during the third quarter ended December 2022, with Bank of Maharashtra (BoM) emerging as the top performer in terms of percentage growth in profit. The Pune-headquartered lender recorded a 139 per cent jump in profit to Rs 775 crore at the end of December 2022, according to quarterly results declared by the PSBs. BoM was followed by Kolkata-based UCO Bank which posted a profit of Rs 653 crore, 110 per cent higher than its earning in the third quarter of the previous fiscal. Two other lenders whose profit growth was higher than 100 per cent were Union Bank of India and Indian Bank. The Mumbai-based Union Bank of India witnessed a 107 per cent rise in net profit at Rs 2,245 crore, while Chennai-based Indian Bank reported a 102 per cent increase at Rs 1,396 crore for the October-December period of 2022. All 12 PSBs cumulatively earned a profit of Rs 29,175 crore in the third quarter of the

Bank of Maharashtra raises rates on term deposits after union appeal

Senior citizens will be offered an additional rate of 0.5% per annum for all maturity slabs

BoM Q3 profit more than doubles to Rs 775 cr, lender mulls 5% stake sale

State-owned bank may come out with qualified institutional placement of equity shares in the last quarter of FY23

Bank of Maharashtra to raise up to Rs 1,000 crore from share sale in Q4: MD

As per the Sebi norms, listed entities are required to have at least 25 per cent public shareholding

Bank of Maharashtra Q3 PAT jumps two-fold to Rs 775 cr due to asset quality

State-run Bank of Maharashtra (BoM) on Monday reported a two-fold jump in its standalone profit after tax (PAT) at Rs 775 crore in the quarter ended December 2022 due improved asset quality.

Bank of Maharashtra employees' union for term deposit rate hike

Writes to management, says bank losing deposits to other lenders

Employee union urges Bank of Maharashtra to hike rates on term deposits

Company is losing balances in savings as well as fixed deposits to competitors, it says