Bank of Maharashtra trades higher on reporting a 2-fold jump in Q4 consolidated net profit!

The shares of the company gained more than 8% today.       

Quarter and Annual Results 

Bank of Maharashtra has reported results for the fourth quarter (Q4) and year ending March 31, 2023. On a consolidated basis, the bank has reported a 2- fold jump in its net profit at Rs 839.93 crore for the fourth quarter as compared to Rs 354.92 crore for the same quarter in the previous year. Total income of the bank increased by 34.66% at Rs 5317.06 crore for Q4FY23 as compared to Rs 3948.48 crore for the corresponding quarter previous year.

For the year ended March 31, 2023, on a consolidated basis, the bank has reported 2- fold jump in its net profit at Rs 2602.79 crore as compared to Rs 1151.64 crore for the previous year. Total income of the bank increased by 16% at Rs 18179.53 crore for the year under review as compared to Rs 15672.17 crore for year ended March 31, 2022.   

Share price movement of Bank of Maharashtra Limited       

Today, the stock opened at Rs 28.19, with a high and low of Rs 30.50 and Rs 28.01. The stock closed trading at Rs 30.08, up by 8.16%.

The stock has a 52-week high of Rs 36.25 and a 52-week low of Rs 15. The company has a market capitalisation of Rs 20,245.33 crore.     

Company profile

Bank of Maharashtra has the largest network of branches of any other public sector bank in Maharashtra. The services offered by the bank include Personal Banking - under which they offer services & products such as deposits, savings, personal loans, educational loans, RTGS, demat services, credit cards,etc. NRI banking under which they offer products and services to NRI clients such as FCNR accounts, remittance services, etc.