Bank of Maharashtra up over 1%, has nearly doubled in 6 months
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Bank Of Maharashtra: The bank has appointed Pradeep Kumar Srivastava as Chief Technology Officer for three years on contractual basis, with effect from September 28.
Shares of Bank of Maharashtra jumped over 1.2 percent on September 29, amid strong gains in equity benchmarks the Sensex and the Nifty.
At 2.41 pm, the stock was trading at Rs 47.6 on NSE, near its intraday high.
The stock has given a return of 91.68 percent return over the past six months, outpacing the banking stock index. The Nifty Bank index has gained 11.12 percent during the period. The PSU bank stock has been on an uptrend since July when it declared strong financial results.
In the June quarter, Bank of Maharashtra’s net profit nearly doubled to Rs 882 crore from Rs 451 crore in the year-ago period. Net interest income (NII) of the bank stood at Rs 2,340 crore, up from Rs 1,686 crore in the same quarter of the previous year.
The bank recorded a steady improvement in its net interest margin (NIM) at 3.86 percent from 3.28 percent.
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The bank’s gross non-performing asset (NPA) stood at 2.28 percent, down from 3.74 percent in the same quarter of the previous year. Total GNPA stood at Rs 4,006 crore against Rs 5,259 crore in the year-ago quarter. Its net NPA stood at 0.24 percent, improving from 0.88 percent year-on-year basis. The lender’s total NNPAs were at Rs 413 crore, down from Rs 1,206 crore in the corresponding period of the previous year.
The bank recorded a 25 percent growth in total deposits at Rs 2.44 lakh crore, up from Rs 1.96 lakh crore in the previous year. Current account and savings account (CASA) deposits improved to Rs 1.24 lakh crores from Rs 1.09 lakh crore, with current account deposits recording a 30 percent growth and savings account 9 percent growth.
On September 28, Pradeep Kumar Srivastava took over as the chief technology officer of the bank for a three-year term.
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