Page 8 - Bank Of Maharashtra

Sensex zooms 491 pts, Nifty tops 17,300; PSBs soar, Electronics Mart up 42%

CLOSING BELL: Sectorally, the Nifty PSU Bank index climbed 3.6 per cent, Nifty Bank index 1.6 per cent, Nifty Financial Services and Private Bank indices up to 1.5 per cent

Bank of Maharashtra's net profit reports 2-fold jump to Rs 535 crore in Q2

State-owned Bank of Maharashtra (BoM) on Monday reported a two-fold jump in its net profit to Rs 535 crore in the September 2022 quarter, helped by a decline in bad loans. The lender had reported a standalone profit after tax of Rs 264 crore in the same quarter of the previous fiscal. Total income increased to Rs 4,317 crore during the quarter under review against Rs 4,039 crore in the year-ago period, BoM said in a regulatory filing. The lender was able to reduce gross non-performing assets (NPAs) to 3.40 per cent of the gross loans at September-end 2022 from 5.56 per cent a year ago. Likewise, net NPAs or bad loans came down to 0.68 per cent from 1.73 per cent at the end of the second quarter of the previous fiscal.

Bank of Maharashtra slashes home loan rate to 8% as part of festive offer

State-owned Bank of Maharashtra (BoM) on Sunday announced a cut in interest rate on home loans to 8 per cent as part of its festive offer. The bank currently offers home loans starting at 8.3 per cent. The rate varies depending on the borrower's credit score. The Pune-based lender has also slashed interest rate on personal loans to 8.9 per cent from the existing 11.35 per cent effective Monday (October 17, 2022), BoM said in a statement. The lender has already waived processing fee for its gold, home and car loans under the 'Diwali Dhamaka' offer. By introducing this offer, the bank is offering one of the lowest interest rates in retail loans, especially home and personal loans, in the banking industry. Market leader State Bank of India (SBI) and mortgage lender HDFC Ltd are offering discounted interest rates on home loans beginning at 8.40 per cent. At a time when interest rates are rising across the spectrum in line with the rising policy rates, BoM is making retail loans cheap

Bank of Maharashtra raises lending rate by 20 bps; EMIs to become costlier

State-owned Bank of Maharashtra (BoM) on Monday raised the marginal cost of funds-based lending rates (MCLR) by 0.20 per cent or 20 basis points across tenors. The revision will make loans linked to MCLR benchmark costlier. The benchmark one-year MCLR will be 7.80 per cent from Monday, as against 7.60 per cent. The one-year rate is used to fix most consumer loans such as auto, personal and home loans. The overnight to six months tenor MCLRs are raised by 0.20 per cent each in the range of 7.30 to 7.70 per cent. The hike has been effected in their benchmark rate linked to the repo rate, which was increased by half a percentage point to 5.9 per cent last month by the Reserve Bank of India. Many banks led by State Bank of India (SBI) have already adjusted their lending rates after the Reserve Bank raised the benchmark interest rate to tame inflation.

Bank of Maharashtra's advances grow 29% to Rs 1.48 trn in Q2FY23

Public sector lender Bank of Maharashtra (BoM) on Monday said its gross advances rose by 28.65 per cent to Rs 1,48,246 crore in the second quarter ended in September 2022. Total advances of the bank stood at Rs 1,15,236 crore at the end of the September quarter of the previous year. During the quarter, total deposits grew by 7.86 per cent to Rs 1,95,849 crore from Rs 1,81,572 crore in the year-ago period, the bank said. Current account savings account (CASA) as a percentage of total deposits increased to 56.27 per cent from 53.91 per cent at the end of the second quarter of the previous year. The total business of the Pune-based bank rose by 15.93 per cent to Rs 3,44,096 crore as of September, 2022 as against Rs 2,96,808 crore in the year ago period. Meanwhile, private sector lender Dhanlaxmi Bank said its gross advances rose by 30.74 per cent to Rs 9,114 crore at the end of September quarter, and its gross deposits increased by 12.8 per cent to Rs 12,734 crore. The total busines

Bank of Maharashtra raises Rs 710 cr via Basel III Additional Tier 1 bonds

State-owned Bank of Maharashtra (BoM) on Wednesday said it has raised Rs 710 crore from bonds to fund business growth. The fund raised via Basel III compliant Additional Tier 1 (AT1) bonds of Rs 710 crore (including green shoe option of Rs 610 crore) is at a coupon rate of 8.74 per cent, the bank said in a statement. The issue garnered overwhelming response from investors with subscription of 10 times against base issue size of Rs 100 crore. The capital raised through the AT1 bonds will support the business growth of the bank. The AT1 instrument is perpetual in nature; with call option after 5 years.

HDFC Bank, SBI AT-1 rates set to influence pricing of other issuances

The bonds will have a call option from the fifth year onwards and are rated AA+ by CRISIL, CARE and India Ratings, sources said

HDFC Bank to open 207 branches in Maharashtra, hire more than 3,000

The smart banking lobbies will be set up in 16 districts and will be operational 24 hours and 7 days

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

Bank of Maharashtra (BoM) has emerged as the top performer among the public sector lenders in terms of the loan and deposit growth in percentage terms during the first quarter of 2022-23. The Pune-headquartered lender recorded a 27.10 per cent increase in gross advances to Rs 1,40,561 crore at the end of June 2022, according to published quarterly numbers of the public sector banks (PSBs). It was followed by the Indian Overseas Bank and Bank of Baroda with 16.43 per cent and 15.73 per cent rise in advances growth, respectively. The country's largest lender State Bank of India (SBI) stood at the fourth spot with 13.66 per cent growth. However, in absolute terms, aggregate loans of SBI were about 17 times higher at Rs 24,50,821 crore, while that of Bank of Baroda was nearly five times at Rs 6,95,493 crore compared to BoM at the end of the first quarter. With regard to deposit growth, BoM witnessed a 12.35 per cent growth and mobilised Rs 1,95,909 crore at the end of June 2022. Unio

Stocks to Watch Today: IndusInd Bank, Delhivery, Websol, BoM, Alok Inds

Stocks to Watch Today: Ambuja Cements, AU SFB, Alok Textiles, Hindustan Unilever, HDFC Life, ICICI Lombard, L&T Finance and Rallis India to announce Q1 results on Tuesday.

Bank of Maharashtra's net profit jumps 117.24% to Rs 451.9 crore in Q1

Lender eyeing equity offering of Rs 1,000 cr in second half of FY23

Major PSU banks to go live on account aggregator system by July-end

SBI and BoB are expected to go live by the deadline; PNB and Union Bank of India are already live on the ecosystem

Bank of Maharashtra bucks the trend, cuts MCLR by 20-35 basis points

The state-owned lender cut overnight and one-month MCLR by 25 bps to 6.90 per cent and 7 per cent

Bank of Maharashtra tops PSU lenders chart in loan growth in FY22

The Pune-headquartered lender recorded a 26 per cent increase in gross advances at Rs 1,35,240 crore at the end of March 2022

Bank of Maharashtra to pay 5% dividend from net worth on govt nudge

The payout will make a small dent in lender's capital adequacy ratio; stock sheds 3.73% on BSE

Bank of Maharashtra eyes 25-30% jump in net profit in FY23 with NII growth

In the fiscal ended March 31, 2022, the Pune-based lender reported an over two-fold jump in its profit after tax (PAT) at Rs 1,152 crore, as against Rs 550 crore for the year ended March 2021

'You don't go after big fish but harass poor farmers': SC to bank

A bench of Justices DY Chandrachud and Surya Kant took note of the High Court order and said that there is nothing wrong with it and will not interfere with it.

HDFC Bank, Canara Bank, Indian Overseas Bank others raise lending rates

HDFC Bank hiked marginal cost of funds based lending rate (MCLR) by 25 bps across all tenures up to 7.7 per cent, effective May 7

Bank of Maharashtra reports two-fold increase in Q4 profit to Rs 355 cr

State-owned Bank of Maharashtra on Thursday reported an over two-fold increase in its consolidated net profit at Rs 355 crore in the quarter ended March, helped by a fall in the bad loan proportions

RBI imposes Rs 1.12 cr penalty on Bank of Maharashtra for non-compliance

This action is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with customers.