Page 7 - Bank Of Maharashtra

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

Bank of Maharashtra records 22% loan growth to Rs 1.57 trillion in Q3

State-owned Bank of Maharashtra (BoM) on Tuesday said it has posted a credit growth of 21.81 per cent to Rs 1.57 lakh crore for the third quarter ended December 2022. The outstanding credit was Rs 1.29 lakh crore at the end of December 31, 2021, BoM said in a regulatory filing. The bank's deposits aggregated to about Rs 2.08 lakh crore as of December 31, 2022, registering a growth of 11.69 per cent over Rs 1.86 lakh crore at the end of December 31, 2021, it said. During the quarter, it said, the Current Account Savings Account (CASA) stood at 52.50 per cent of the total deposits. The Pune-headquartered lender recorded a total business growth of 15.83 per cent to Rs 3.65 lakh crore at the end of third quarter, as compared to Rs 3.15 lakh crore at the end of the same quarter in the previous fiscal.

BoM raises Rs 880 crore through bonds; issue subscribed more than 4 times

State-owned Bank of Maharashtra (BoM) on Thursday said it has raised Rs 880 crore through Basel III-compliant Additional Tier 1 (AT1) bonds. The issue, including green shoe option of Rs 680 crore, was subscribed more than four times against base size of Rs 200 crore, the bank said in a statement. The fund raised through the AT1 bonds will support the business growth of the bank, it added. The AT1 instrument with a coupon rate of 8.74 per cent is perpetual in nature.

Bank of Maharashtra likely to sell Rs 1000 crore of AT-1 bonds

Over the last couple of weeks, banks have made a beeline to raise funds by issuing debt instruments

PSB index soars 3%; these three constituents have zoomed over 50% in 1 mth

In the past one month, the Nifty PSU Bank index has rallied 17.4 per cent as against a 2.1 per cent gain in the S&P BSE Sensex

Bank of Maharashtra raises Rs 348 cr from bonds to fund business growth

State-owned Bank of Maharashtra (BoM) on Wednesday said it has raised Rs 348 crore from bonds to fund business growth. The lender raised the funds through private placement of Basel-III compliant tier II bonds, BoM said in a regulatory filing. The paper of face value Rs 1 crore each carries a coupon rate of 8 per cent, it added. The bonds will be listed on the Wholesale Debt Market segment of the BSE.

Videocon Insolvency: Wisdom of creditors can't fluctuate, Twinstar tells SC

Appearing for Twinstar, Senior Advocate Abhishek Manu Singhvi said their bid for Videocon Industries Limited was approved by the CoC during the insolvency process of the group

Bank of Maharashtra tops list of PSU lenders in credit growth in Q2

Bank of Maharashtra (BoM) has emerged as the top performer among public sector lenders in terms of loan growth in percentage terms during second quarter of 2022-23. The Pune-headquartered lender recorded 28.62 per cent increase in gross advances at Rs 1,48,216 crore at the end of September 2022, according to published quarterly numbers of public sector banks (PSBs). It was followed by Union Bank of India with 21.54 per cent growth to Rs 7,52,469 crore. The country's largest lender State Bank of India stood at third spot with 18.15 per cent jump in gross advances. However, SBI's total loans were about 17 times higher at Rs 25,47,390 crore as compared to Rs 1,48,216 crore of BoM in absolute terms. With regard to Retail-Agriculture-MSME (RAM) loans, BoM recorded the highest growth of 22.31 per cent followed by Bank of Baroda with 19.53 per cent and SBI at 16.51 per cent during the period under review. As far as low-cost Current Account Savings Account (CASA) deposits are concerned, B

Bank of Maharashtra raises one-year MCLR by 10 bps for select tenor loans

State-owned Bank of Maharashtra on Wednesday said it has increased its marginal cost of funds based lending rate (MCLR) for select tenor loans. The benchmark one-year MCLR, used to price most of consumer loans such as auto, personal and home, has been revised upwards to 7.90 per cent from 7.80 per cent, the lender said in a regulatory filing. The revised MCLR has come to effect from November 7, 2022. The one-month MCLR has been raised by 5 basis points to 7.50 per cent. Rates for other tenor loans like overnight, three and six months have been kept unchanged. Bank of Maharashtra stock traded at Rs 24.25 apiece on BSE, up by 4.08 per cent.

Indian Overseas Bank, Bank of Maharashtra hike MCLR by up to 25 bps

One-year median MCLR of scheduled commercial banks has increased from 7.75 per cent in September

PNB, BHEL, IDFC among top mid-, smallcap stocks that can rally up to 25%

Technically, whenever any stock remains unaffected during times of volatility, the trend indicates something positive underneath. Such stocks are preferred by market participants for trading gains.

Bank of Maharashtra Q2 net doubles YoY to Rs 535 cr as NIM improves

Lender eyes equity offering by Q4FY23 or early FY24