Shares of Bank of Maharashtra rallied 4% on 3 January after the lender reported a strong quarterly report for the October-December quarter.
In its regulatory filing, the state-run bank reported a 20% year-on-year increase in its total gross advances to Rs 1.88 lakh crore during the quarter from Rs 1.56 lakh crore reported in the same quarter last year. The total deposits during the quarter grew by 17.90%YoY to Rs 2.45 lakh crore.
The bank’s total business saw a notable 18.92% YoY improvement, reaching Rs 4.34 lakh crore during the quarter.
The current account savings account (CASA) marked a 12.70% YoY increase to Rs 1.23 lakh crore during Q3FY24 against the Rs 1.09 lakh crore reported in Q3FY23.
The credit deposit ratio during the quarter stood at 72.30%, which is a marginal drop from 76.83% recorded in the corresponding quarter of the previous fiscal year.
The lender reported a whopping jump of 72% in its net profit during the quarter to Rs 920 crore against the Rs 535 crore reported. The surge in net profit was recorded due to a decline in bad loans and an increase in interest income.
At 1:41 pm, the shares of Bank of Maharashtra were trading 4.07% higher at Rs 47.30 on NSE.
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