Bank of Maharashtra Reports Strong Deposit Growth and Profit Surge in Q1FY24

4 Oct 2023 , 12:22 PM

Bank of Maharashtra stock opens 2.6% higher on October 4 after reporting a 22.2% growth in deposits for the September quarter. Deposits grow by 22.7% YoY to Rs 2.39 lakh crore, and gross advances increase by 23.55% YoY to Rs 1.83 lakh crore as per regulatory filing.

CASA deposits see a 10.11% growth to Rs 1.21 lakh crore for the same period. Net interest income rises to Rs 2,340 crore from Rs 1,686 crore in the previous fiscal.

NIM for April-June FY24 stands at 3.86%, compared to 3.28% last year. Pradeep Kumar Srivastava appointed as Chief Technology Officer in September.

Q1FY24 reports a 95% YoY increase in net profit to Rs 882 crore from Rs 451 crore in the corresponding quarter of the previous year.

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