Bank of Maharashtra shares jump 9% after reporting strong Q4 performance
Bank of Maharashtra reported a 136 per cent YoY rise in net profit to Rs 840 crore in the quarter that ended on March 31, 2023, from Rs 355 crore in the same quarter the previous year.
- Apr 24, 2023,
- Updated Apr 24, 2023 3:45 PM IST
Shares of Bank of Maharasthra jumped about 9 per cent during the trading session on Monday after the state-run lender announced its numbers for the period ended on March 31, 2023. Along with its results, the PSU lender also announced its plans to raise about Rs 4,500 crore.
Bank of Maharashtra's net interest income (NIIs) jumped 31 per cent on a year-on-year (YoY) basis to Rs 4,495 crore in the March 2023 quarter, which was Rs 3,426 crore in the year-ago period. The company reported an NII of Rs 4,129 crore in the December 2022 quarter.
Bank of Maharashtra reported a 136 per cent YoY rise in net profit to Rs 840 crore in the quarter that ended on March 31, 2023, from Rs 355 crore in the same quarter the previous year. The lender's pre-provisioning operating profit (PPOP) jumped 57 per cent YoY to Rs 1,855 crore in Q4FY23 from Rs 1,179 crore in Q4FY22.
For the year ended on March 31, 2023, Maharashtra Bank reported a 126 per cent jump in net profit at Rs 2,602 crore, which was Rs 1,152 crore a year ago. Its interest income improved 22 per cent to Rs 15,898 crore from Rs 13,019 crore during the period under review.
Its Gross NPAs stood at 2.47 per cent as on March 31, 2023, which were 3.94 per cent in the year-ago period. Its net NPAs declined to 0.25 per cent from 0.97 per cent during the period under review, while net interest margins (NIMs) stood at 3.56 per cent from 3.15 per cent.
Bank of Maharashtra will also be looking to raise Rs 7,500 crore through follow-on public offer (FPO), rights issue, qualified institutional placement (QIP) issue, preferential issue or any other mode or combination thereof. This is subject to necessary approvals.
The board of directors of the Bank of Maharashtra also recommended a dividend of Rs 1.3 per equity shares (13 per cent), subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM) of the bank.
Bank of Maharashtra's shares rallied more than 9 per cent. The stock settled at Rs 30.44 at the end of the session. The scrip had settled at Rs 27.81 on Friday.
Also read: IndusInd Bank Q4 results: Net profit jumps 46%; lender declares Rs 14 dividend
Also read: HDFC, IndusInd Bank, RIL, Infosys, Tata Steel: Banks among 9 Nifty stocks that saw FPI selloff in Q4
Shares of Bank of Maharasthra jumped about 9 per cent during the trading session on Monday after the state-run lender announced its numbers for the period ended on March 31, 2023. Along with its results, the PSU lender also announced its plans to raise about Rs 4,500 crore.
Bank of Maharashtra's net interest income (NIIs) jumped 31 per cent on a year-on-year (YoY) basis to Rs 4,495 crore in the March 2023 quarter, which was Rs 3,426 crore in the year-ago period. The company reported an NII of Rs 4,129 crore in the December 2022 quarter.
Bank of Maharashtra reported a 136 per cent YoY rise in net profit to Rs 840 crore in the quarter that ended on March 31, 2023, from Rs 355 crore in the same quarter the previous year. The lender's pre-provisioning operating profit (PPOP) jumped 57 per cent YoY to Rs 1,855 crore in Q4FY23 from Rs 1,179 crore in Q4FY22.
For the year ended on March 31, 2023, Maharashtra Bank reported a 126 per cent jump in net profit at Rs 2,602 crore, which was Rs 1,152 crore a year ago. Its interest income improved 22 per cent to Rs 15,898 crore from Rs 13,019 crore during the period under review.
Its Gross NPAs stood at 2.47 per cent as on March 31, 2023, which were 3.94 per cent in the year-ago period. Its net NPAs declined to 0.25 per cent from 0.97 per cent during the period under review, while net interest margins (NIMs) stood at 3.56 per cent from 3.15 per cent.
Bank of Maharashtra will also be looking to raise Rs 7,500 crore through follow-on public offer (FPO), rights issue, qualified institutional placement (QIP) issue, preferential issue or any other mode or combination thereof. This is subject to necessary approvals.
The board of directors of the Bank of Maharashtra also recommended a dividend of Rs 1.3 per equity shares (13 per cent), subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM) of the bank.
Bank of Maharashtra's shares rallied more than 9 per cent. The stock settled at Rs 30.44 at the end of the session. The scrip had settled at Rs 27.81 on Friday.
Also read: IndusInd Bank Q4 results: Net profit jumps 46%; lender declares Rs 14 dividend
Also read: HDFC, IndusInd Bank, RIL, Infosys, Tata Steel: Banks among 9 Nifty stocks that saw FPI selloff in Q4