Bank of Maharashtra Ltd's net profit surges over 135% to ₹840 cr
1 min read . Updated: 24 Apr 2023, 04:34 PM IST
PremiumThe net profit of Bank of Maharashtra Ltd surged by more than 135% to ₹840 crore in Q4FY23 - compared to ₹355.2 crore in the corresponding quarter of the previous year.
Bank of Maharashtra Ltd's net profit for the quarter ended March (Q4FY23) jumped over 135% to ₹840 crore from ₹355.2 crore in the same quarter previous year.
Net Interest Income (NII) for Indian public sector banks increased by more than 35% to ₹2,187 crore from ₹1,612 crore in the same quarter last year.
The bank has seen a significant improvement in its provisions, which rose from ₹582 crore in the previous quarter of the same fiscal year to ₹945 crore, an increase of more than 60%.
Further, the bank reported an improvement in asset quality, with its gross non-performing asset (GNPA) falling by 47 basis points to 2.47% from 2.94% in the previous quarter of the same fiscal year. Additionally, compared to the same quarter last year, its net non-performing assets (NNPA) decreased by 22 basis points to 0.25%, a decrease from 0.47%.
The bank's board has recommended paying a dividend of ₹1.3 per fully paid share of ₹10 or 13%, and approved raising capital up to ₹7,500 crore through debt and equity.
On Monday, the stock closed 8.08% higher at ₹30.10. The stock has gained 100.67% from 52 week low of 15.0, and the stock was trading at high volume of 58.4 million with price gain of 8.08.
According to Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One, the stock has shown strong positive traction, up by 8% backed with strong volumes, expect this positive momentum to continue, where the prices may move towards 34.30 , any dip towards 29 would be an buying opportunity.