Bank of Maharashtra shares hit 52-week high on Q3 earnings; check details

Shares of Bank of Maharashtra hit their 52-week high today after the lender reported a 33% rise in net profit for the quarter ended December 2023. Profit climbed to Rs 1,036 crore in Q3FY24 on Y-o-Y basis against Rs 775 crore in Q3FY23. It grew 12.58% on a sequential basis. Bank of Maharashtra shares gained 3.54% to a high of Rs 52.22 against the previous close of Rs 50.43 on BSE. Market cap of the bank stood at Rs 35,222 crore.

Total 139.59 lakh shares of the bank changed hands amounting to a turnover of Rs 70.95 crore. In a year, the stock rose 50.71% and gained 9.02% in 2024.

Bank of Maharashtra shares have a one-year beta of 0.7, indicating very low volatility during the period. In terms of technicals, the relative strength index (RSI) of Bank of Maharashtra stands at 70, signaling it's trading neither in the overbought nor in the oversold zone.

Bank of Maharashtra shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day,150 day and 200 day moving averages.

Operating profit of the lender grew 27.32% on Y-o-Y basis to Rs 2,012 crore for Q3FY24 against Rs 1,580 crore for Q3FY23. The operating profit rose 4.77% on a Q-o-Q basis.

Net interest income (NII) rose 24.56% on Y-o-Y basis to Rs 2,466 crore in Q3FY24 against Rs 1,980 crore for Q3FY23. NII climbed 1.39% on a Q-o-Q sequential basis.

Net revenue (net interest income plus other income) for Q3FY24 rose 20.05 % from Rs 2,620 crore in the December quarter to Rs 3,146 crore for Q3FY24.

Gross NPAs declined to 2.04% in the end of Q3 against 2.94 % for December 2022 quarter. Net NPAs fell to 0.22% in the last quarter against 0.47% as on December 31, 2022. Provision coverage ratio of the lender improved to 98.40% as on December 31 last year as against 97.18% as December 31, 2022.

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