Shares of state-run Bank of Maharashtra Ltd. are trading off day’s low on Friday, July 4, after it shared its business update for the April-June quarter.The state-run lender’s deposits grew by 14.08% from last year to ₹3.05 lakh crore.
Gross advances for the quarter went up by 15.36% year-on-year to ₹2.41 lakh crore.
The lender’s CASA deposits for the quarter grew by 14.56% from last year to ₹1.52 lakh crore.The bank’s calculated credit-deposit ratio stood at 79.04% from 78.17% in the same quarter last year.
Only one analyst has coverage on Bank of Maharashtra with a “buy” rating and a price target of ₹62.
Despite the government paring some stake in 2024, it still owns 79.6% stake in Bank of Maharashtra at the end of the March quarter.
Following the Q1 update, shares of Bank of Maharashtra are trading 0.37% higher at ₹57.40. The stock has rebounded from its day’s low of ₹56.82. The stock has risen 9% so far this year.
