Bank of Maharashtra Q3 gross advances grow 20%, deposits 18%; stock trades higher

Shares of Bank of Maharashtra rose 2 percent in early trade on January 3 after the public sector bank clocked more than 20 percent growth in Q3 gross advances. At 9:24am, the Bank of Maharashtra stock was trading at Rs 46.25 on the NSE.

The state-run bank has reported a strong performance for the quarter ended December FY24, as disclosed by the bank in a business update with the exchanges on January 2.

The total business of the bank has shown a significant 18.92 percent on-year growth, reaching Rs 4.34 lakh crore. This growth is attributed to a 17.9 percent increase in deposits, totaling Rs 2.46 lakh crore, and a 20.3 percent rise in gross advances, reaching Rs 1.89 lakh crore.

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In simpler terms, the bank saw a notable increase in the overall business, driven by more people depositing money, and an increase in the amount of loans the bank provided.

Stock call: Check brokerage views, target price

Brokerage firm Ajcon Global is bullish on the Bank of Maharashtra stock and has recommended a ‘buy’ rating with a target price of Rs 49 in its recently released research report.

Stock performance

The stock has given a return of 51.75 percent over the last six months. The benchmark Nifty Bank index has given a return of 5.77 percent over the same duration.

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