Bank of Maharashtra Shares Hit 52-Week High on Strong Q2 Results

Bank of Maharashtra Shares Hit 52-Week High on Strong Q2 Results

 

Bank of Maharashtra’s share price hit a 52-week high of Rs 51.90 on October 4 after the company reported strong second quarter results.

The public sector financial institution reported a 22.1% year-on-year growth in total deposits to Rs 2.3 billion in the quarter under review, compared to Rs 1.9 billion in the year-ago period.

The bank’s gross advances increased by 23.55% year-on-year to Rs 1.83 billion as against Rs 1.48 billion in the corresponding quarter of FY23.

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CASA (current account) deposits increased by 10.11% year-on-year to Rs 1.21 billion in the second quarter as against Rs 1.1 billion in the same period last year. The CASA ratio was 50.71% in Q2FY23 compared to 56.27% in Q2FY23. The bank’s net interest income for the quarter stood at Rs 234 billion, up from Rs 168.6 billion in the year-ago period.

As of 11:20 am, Bank of Maharashtra’s share price was trading at Rs 49.80 on the NSE, 0.61 per cent higher than its previous closing price.

 

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