Bank of Maharashtra jumps 9% on strong earnings, improved asset quality

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January 16, 2023
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Bank of Maharashtra Q3: The public sector lender’s net profit came in at Rs 775 crore, up from Rs 324.6 crore in the year-ago period

The shares of Bank of Maharashtra jumped 9 percent in the afternoon on January 16 after the lender reported a strong set of numbers for the December quarter.

At 1.33 pm, the shares of the public sector bank were trading at Rs 33.90, up 6.9 percent on the BSE.

The bank’s net profit came in at Rs 775 crore, up from Rs 324.6 crore in the year-ago period. Net interest income, the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, rose nearly 30 percent YoY to Rs 1,979.6 crore.

Segment-wise, corporate or wholesale and retail banking operations saw a growth in revenue.

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Asset quality improved sequentially, which also boosted investor sentiment and led to buying in the stock.

Gross non-performing assets (NPAs) declined 2.94 percent in the reporting quarter against 3.40 percent in the previous quarter and 4.73 percent in the previous year. Net NPA fell 0.5 percent against 0.7 percent in the previous quarter and 1.24 percent in the corresponding period of the previous financial year.

Total Basel III Capital adequacy ratio improved to 17.53 percent with Common Equity Tier 1 ratio of 13.47 percent for the third quarter of FY23.

The provision coverage ratio improved to 97.18 percent in the December quarter as compared to 93.77 percent in the year-ago period and 96.06 percent in the September quarter.

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