Bank of Maharashtra's gross advances rose 19% on a yearly basis to Rs 2.09 lakh crore in the April–June quarter according to provisional figures released by the bank.
The bank's total business rose 13.4% to Rs 4.76 lakh crore in the quarter-ended June 2024, according to an exchange filing on Thursday.
The bank reported an advance of 9.4% in deposits at Rs 2.67 lakh crore in the first quarter, as compared with Rs 2.44 lakh crore in the same period last year.
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CASA ratio—the proportion of deposits that come from low-cost current and savings accounts—dipped to 49.86% from 50.97% in the year ago period. A lower CASA ratio indicates that the bank relies heavily on costlier wholesale funding, which can hurt the bank's margin.
The credit deposit ratio, that measures how much a bank lends in relation to the deposits raised, rose to 78.18% in comparison to the earlier 71.89% in the same period in the previous fiscal. The higher CD ratio indicates that the loan disbursed exceed deposits.
The scrip fell as much as 0.47% to Rs 63.54 apiece, the lowest level since July 2. It pared losses to trade 0.28% lower at Rs 63.66 apiece, as of 3:07 p.m., as compared to a 0.04% advance in the NSE Nifty 50.
It has risen 108.38% in the last 12 months. Total traded volume so far in the day stood at 2.3 times its 30-day average. The relative strength index was at 42.
Two analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 36.4%.
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