Pune: In one of the major up market trends on the bourses, the Bank of Maharashtra’s shares shot up by around 8.7 percent, at Rs 30.25, at the BSE shortly after the quarterly results were announced today at pune. The clocked a better performance in all the areas of the banking business, such as total business grew by21.23 %on Y-o-Y basis to Rs 4,09,202 crore.
The deposits increased by15.71 %on Y-o-Y basis to Rs 2,34,083 crore. The bank’s net interest income in Q4FY23 came in at Rs 2,187 crore, which is 35.7 percent higher as compared to Rs 1,612 crore reported in the corresponding period of the last fiscal.
Bank of Maharashtra has recorded a net profit of Rs 840 crore in the fourth quarter of fiscal year 2022-23, which is 135 percent higher as against Rs 355.2 crore recorded in the year-ago period, as per the financial results declared by the state-run lender on April 24. The portion of bank’s gross non-performing asset (NPA) stood at 2.47 percent as of March 31, 2023, which is lower than 2.94 percent recorded at the end of the third quarter.
On a 5-year basis, Bank of Maharashtra stock has outperformed the benchmark Nifty Bank index by a considerable margin. As the stock has rallied by 113.45 percent whereas the Nifty bank index has given a return of 66.73 percent.
Bank of Maharashtra’s scrip was trading 5.39 percent higher at Rs 29.30 on the NSE at 2:34pm. The net interest income of the bank jumped 35.7 percent to Rs 2,187 crore from Rs 1,612 crore. Whereas the gross non-performing assets (NPA), improved on-quarter from 2.94 percent to 2.47 percent. The net NPA of the bank also improved on a quarter-on-quarter basis from 0.47 percent to 0.25 percent. Though a considerable increase in provisions has been observed on a sequential basis from Rs 582 crore to Rs 945 crore.
Bank of Maharashtra further aims to raise up to Rs. 7,500 crore through a follow-on public offer (FPO) or rights issue as per the filing. Whereas the bank might also consider Qualified Institutional Placement (QIP) or preferential issue among other similar ways to raise capital as may be permitted under applicable laws subject to the necessary approvals. The board also declared a dividend of Rs 1.30 per equity share subject to the approval shareholders.
In the asset quality front as on March 31st, 2023 the gross NPA declined to 2.47 % as on 31.03.2023 against 3.94% as on 31.03.2022. The same was 2.94% as on 31.12.2022 and the net NPA declined to 0.25 %as on 31.03.2023against0.97% as on 31.03.2022. The same was 0.47 % as on 31.12.2022. Overall the bank performed in all fronts of the bank business with CRAR improved to 18.14% of which Tier I is 14.25%.
