Bank of Maharashtra shares have gained more than 7% today.
m The reason behind this rise in shares are the excellent results of the June quarter. In fact, the net profit of public sector Bank of Maharashtra for the first quarter of the current financial year has increased by 47 percent to Rs 1,293 crore. The bank’s profit has increased due to reduction in non-performing assets (NPAs) and increase in interest income. This Pune-based bank had earned a net profit of Rs 882 crore in the April-June quarter of 2023-24.
what are the details
In a communication sent to the stock exchanges, the bank said that its total income during the quarter increased to Rs 6,769 crore, from Rs 5,417 crore in the same quarter a year ago. The bank’s interest income during the quarter increased from Rs 4,789 crore to Rs 5,875 crore. The asset quality of the bank has improved. In the period under review, the bank’s gross NPA came down to 1.85 percent of total loans, which was 2.28 percent in the same quarter a year ago. Similarly, the net NPA of the bank also reduced from 0.24 percent to 0.20 percent. The capital adequacy ratio of the bank declined from 18.07 percent to 17.04 percent.
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condition of shares
Bank of Maharashtra shares are continuously giving excellent returns to its investors. PSU bank shares have increased by 10% in the last five days and by 40% in six months. The stock has climbed 50% this year YTD. This stock has gained up to 120% in a year. It increased by 370% in five years. Its 52 week high price is Rs 73.50 and 52 week low price is Rs 29.86. The market cap of Bank of Maharashtra reached Rs 48,684.44 crore today.
