Bank of Maharashtra’s share price surged by over 4% following a positive business update for the third quarter of the financial year 2024. The bank reported healthy growth in its gross advances, reaching ₹1,88,796 crore, a significant increase of 20.28% compared to the previous year’s third-quarter gross advances of ₹1,56,962 crore. Additionally, the bank’s total deposits grew by 17.90% year-on-year (YoY) to ₹2,45,738 crore in Q3 FY24.
The Current Account and Savings Account (CASA) of the Bank of Maharashtra stood at ₹1,23,326 crore, representing a 12.70% increase from the previous year’s figure of ₹1,09,430 crore. However, the CD ratio for the quarter saw a marginal drop from 76.83% in the corresponding quarter of the previous year to 72.30%.
The bank’s shares opened today’s trading session positively at ₹46 per share, compared to the previous closing price of ₹45.45 per share. As trading progressed, the shares rallied further to reach ₹47.40 per share, reflecting a gain of 4.3%.
Bank of Maharashtra’s shares have consistently delivered positive returns over the past three years. In 2021 alone, the shares saw a significant increase of 47%, and the subsequent year witnessed a substantial gain of 59%. In 2023, the shares continued their growth trend, generating a return of 48%. Despite this impressive rally, the current share price still remains 51% lower than its all-time high of ₹96.50 per share, which was reached in 2008.
The bank aims to expand its presence nationwide by establishing branches in every district. To achieve this growth, Bank of Maharashtra plans to tap into emerging product segments and strengthen its position in existing revenue streams. In the financial year 2023, the bank successfully expanded its branch network to 2,203 branches.
Investors are advised to consult certified experts before making any investment decisions.
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