Bank of Maharashtra gains on 22.2% growth in deposits in Q2

In a business update, Bank of Maharashtra reported a 22.7 percent year-on-year growth in deposits at Rs 2.39 lakh crore in the September quarter

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The Bank of Maharashtra stock opened 2.6 percent higher on October 4, a day after the lender reported a 22.2 percent growth in deposits in the business update for the September quarter.

In a regulatory filing, Bank of Maharashtra said its deposits grew 22.7 percent from the year-ago period at Rs 2.39 lakh crore in the September quarter. Gross advances were up 23.55 percent year-on-year (YoY) at Rs 1.83 lakh crore . CASA deposits for the same period grew 10.11 percent to Rs 1.21 lakh crore.

In September, the public sector lender announced the appointment of Pradeep Kumar Srivastava as the Chief Technology Officer.

For Q1FY24, the public sector lender had reported a 95 percent jump in net profit at Rs 882 crore from Rs 451 crore in the corresponding quarter of the previous year.

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The bank’s net interest income also grew to Rs 2,340 crore from Rs 1,686 crore in the previous fiscal. For the April-June FY24 quarter, the lender’s NIM stood at 3.86 percent, compared to 3.28 percent last year.

At 9.56 am, the stock was trading at Rs 50.70, up 2.42 percent from the previous close.

Also read: Bank of Maharashtra Q1 Results: Net profit surges 95% to Rs 882 cr, maintains healthy asset quality

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