Bank of Maharashtra Reports Over 20% Growth in Q3 Gross Advances, Shares Rise 2%

3 Jan 2024 , 03:22 PM

Bank of Maharashtra shares rise 2% in early trade on January 3, driven by over 20% growth in Q3 gross advances.  At the time of writing, the stock was trading at Rs 47.30 which is a 4.07% increase than the previous close.

The state-run bank discloses a strong Q3 performance for December FY24, with total business growing by 18.92% YoY to Rs 4.34 lakh crore.

The growth is attributed to a 17.9% increase in deposits, reaching Rs 2.46 lakh crore, and a 20.3% rise in gross advances, reaching Rs 1.89 lakh crore.

The overall business expansion signifies increased deposits and a rise in loans provided by the bank.

Bank of Maharashtra stock has yielded a return of 51.75% over the last six months, outperforming the benchmark Nifty Bank index, which returned 5.77% during the same period.

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