1. Bank of Maharashtra shares soar nearly 9% on strong Q3 results

Bank of Maharashtra shares soar nearly 9% on strong Q3 results

Shares of Bank of Maharashtra on Wednesday surged by nearly 9 per cent after the company reported a jump of 55.6 per cent in net profit for the third quarter ended December 2015.

By: | Mumbai | Published: February 10, 2016 5:34 PM
Maharashtra Bank shares

State-owned Bank of Maharashtra shares after it reported a jump of 55.6 per cent in net profit at Rs 89.06 crore for the third quarter ended December 2015.. (Photo: Reuters)

Shares of Bank of Maharashtra on Wednesday surged by nearly 9 per cent after the company reported a jump of 55.6 per cent in net profit for the third quarter ended December 2015.

The stock zoomed 8.70 per cent to settle at Rs 31.85 on BSE. During the day, it surged 14.16 per cent to Rs 33.45.

At NSE, shares of the company climbed 8.13 per cent to end at Rs 31.90.

The company’s market valuation rose by Rs 606.14 crore to Rs 3,721.14 crore.

In terms of volume, 4.29 lakh shares of the company changed hands at BSE and over 33 lakh shares were traded at NSE during the day.

State-owned Bank of Maharashtra on Wednesday reported a jump of 55.6 per cent in net profit at Rs 89.06 crore for the third quarter ended December 2015.

The Pune-headquartered lender had made a profit of Rs 57.24 crore in the October-December quarter of the previous fiscal.

Total income of the bank increased to Rs 3,475.98 crore during the third quarter of current fiscal, up 3.2 per cent from Rs 3,366.85 crore in the year-ago period, it said in a BSE filing.

The bank’s gross non-performing assets (NPAs) or bad loans soared further to 7.97 per cent of the gross advances as of December 2015, up from 6.65 per cent during the same period of previous fiscal.

Net NPAs too rose to 5.52 per cent of the net advances for the quarter under review, from 4.71 per cent a year ago.

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