Bank of Maharashtra gains post healthy Q2FY20 earnings

The shares of Bank of Maharashtra gained almost 7 per cent intraday after announcing their September end quarterly result of the current fiscal year.

The state owned bank has reported over four-fold jump in its net profit at Rs 114.66 crore for the quarter ended September 30, 2019 as compared to Rs 27 crore for the same quarter in the previous year. Total income of the Bank marginally increased by 3.23 per cent at Rs 3,295.91 crore for Q2FY20 as compared Rs 3,192.80 crore for the corresponding quarter previous year. The company reported a fall in bad loan proportion leading to decreased provisioning requirement.

The Bank’s gross NPA for the July-September quarter of the current fiscal improved to 16.86 per cent as compared to 18.64 per cent in the same quarter of the previous year. Besides, Bank’s Net NPA stood at 5.48 per cent in Q2FY20.

The shares of Bank of Maharashtra on Wednesday opened at Rs. 11.90 as against Tuesday’s close of Rs 11.05 per share on the BSE. At 11:22 hours the stock was trading at Rs 11.41, gaining 3.26 per cent. The stock hit an intraday high of Rs. 11.90 and intraday low was Rs. 11.20. Its 52-week high was Rs. 20 and 52-week low was Rs. 8.67 per share on the BSE.