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Last Updated : Jul 24, 2020 09:51 AM IST | Source: Moneycontrol.com

Bank of Maharashtra share price jumps 6% as Q1 profit spikes 25%

Total income of the Bank increased to Rs 3,264.81 crore during April-June, 2020-21 from Rs 3,191.88 crore in the year-ago same period.

 
 
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Bank of Maharashtra share price jumped over 6 percent at open on July 24 after the bank reported its June quarter numbers.

It reported a 24.6 percent jump in net profit at Rs 101.02 crore for the first quarter of 2020-21 financial year as bad loans came down. The Pune-headquartered lender posted a net profit of Rs 81.09 crore for the same quarter of 2019-20.

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The stock price has gained almost 20 percent in the last 5 days and on July 24, it was trading at Rs 12.65, up Rs 0.78, or 6.57 percent at 09:26 hours. It has touched an intraday high of Rs 12.80.

Total income of the bank increased to Rs 3,264.81 crore during April-June, 2020-21 from Rs 3,191.88 crore in the year-ago same period, Bank of Maharashtra said in a regulatory filing. The bank's provisions for bad loans or non-performing assets (NPAs) fell to Rs 408.91 crore during the reported quarter from Rs 1,037.44 crore in the year-ago period.

Total provisions including contingencies were at Rs 608.94 crore in the quarter under review as against Rs 920.72 crore in the same period of 2019-20. Net NPAs fell to 4.10 percent (Rs 3,677.39 crore) from 5.98 percent (Rs 4,856.27 crore).

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According to Moneycontrol SWOT Analysis powered by Trendlyne, Bank of Maharashtra has low debt with zero promoter pledge with the stock showing strong momentum: Price above short, medium and long term moving averages.

Moneycontrol technical rating is very bullish with moving averages and technical indicators being bullish.

Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.​
First Published on Jul 24, 2020 09:51 am
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