Bank of Maharashtra Zooms 9% on Q3 Show: PAT Up 138.7%, Asset Health Improves
Shares of the public sector lender Bank of Maharashtra (NS:BMBK) surged 6.15% at the time of writing and jumped 8.67% to hit the session’s high at Rs 34.45 apiece on Monday, nearing its 52-week high of Rs 36.25 apiece.
The state-owned lender released its earnings results for the Dec ending quarter in Monday’s intraday session, posting a multi-fold rise in the bottomline figure.
The Pune-based bank’s net profit rallied a whopping 138.7% YoY to Rs 775.03 crore in the Dec quarter from Rs 324.63 crore in the year-ago period and rose 22% sequentially from Rs 535 crore in the September quarter, led by an improved asset quality.
The lender’s asset health witnessed a significant improvement in Q3 FY23 with gross NPA tanking 32.36% YoY and 8.46% QoQ to Rs 4,612.12 crore and net NPA plummeted 53.7% YoY and 27.5% QoQ to Rs 715 crore during the period.
Its gross NPA ratio slid to 2.94% in Q3 FY23 from 4.73% in the year-ago period and 3.4% in the preceding quarter, while net NPA fell to 0.47% from 1.24% in the Dec 2021 quarter and 0.68% in the Sept 2022 quarter.
The state-owned bank’s total income surged 22.5% YoY to Rs 4,770 crore in the third quarter of FY23 and its operating profit jumped 35.9% YoY to Rs 1,580.3 crore during the period.
The Bank of Maharashtra’s stock price surged after the bank released its Q3 results which showed strong financial performance https://m.economictimes.com/markets/stocks/news/bank-of-maharashtra-surges-over-7-as-q3-profit-more-than-doubles-to-rs-775-crore/articleshow/97026092.cms. The bank’s net profit or PAT jumped a significant 138.7% year-on-year to Rs 775.03 crore and asset quality also improved. Gross NPA ratio declined to 2.94% from 4.73% a year ago.
Overall, it was a positive quarter for the Bank of Maharashtra and the stock market reacted well to the news.