Bank of Maharashtra reports a 25% rise in total deposits during the first quarter of FY24

Bank of Maharashtra’s total deposits stood at Rs 2,44,364 crore (provisional) as of June 30, 2023 (Q1FY24), posting a 24.73% rise in year-on-year (YoY) terms as against Rs 1,95,909 crore as of June 30, 2022, and on quarter-on-quarter (QoQ) basis, term deposits stood at Rs 2,34,083 crore as of March 2023.

Its gross advances stood at Rs 1,75,603 crore (provisional) as of June 30, 2023, posting a 24.93% rise in year-on-year (YoY) terms against Rs 1,40,561 crore as of June 30, 2022, and in quarter-on-quarter (QoQ) basis stood at Rs 1,75,120 crore as of March 2023. CASA deposits grew 13.37% to Rs 1,24,546 crore (provisional) as of June 30, 2023, as compared to Rs 1,09,857 crore on a yearly basis. Quarterly, the CASA deposits stood at Rs 1,24,961 crore as of March 2023. CASA stood at 50.97% (provisional) as of June 30, 2023, against 56.08% as of June 30, 2022.

Bank of Maharashtra offers several products and services in personal banking such as deposits, savings, personal loans, educational loans, demat services, credit cards, etc. The Bank also offers services to agricultural and SME sectors.

At 2 pm, the shares of Bank of Maharashtra were trading at Rs 30, up by 0.10% from its previous closing of Rs 29.97 on the BSE.

Today, the stock opened at Rs 30.32 and has touched a high and low of Rs 30.67 and Rs. 29.41, respectively.

The BSE group ‘A’ stock of face value of Rs 10 has touched a 52-week high and low of Rs 36.25 and Rs 15.45, respectively.

Last one week high and low of the scrip stood at Rs 30.67 and Rs 27.17 respectively. The current market cap of the company is Rs 21,159.14 crore.

The promoters holding in the company stood at 90.97%, while Institutions and Non-Institutions held 3.59% and 5.44%, respectively.