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Tag: Bank Of Maharashtra

  • Govt appoints Asheesh Pandey as MD of Union Bank, Kalyan Kumar as head of Central Bank of India

    The government has appointed Asheesh Pandey as managing director (MD) and CEO of Union Bank of India and Kalyan Kumar as head of Central Bank of India for a period of three years.

    The Appointments Committee of the Cabinet headed by the Prime Minister approved these appointments for an initial period of three years, sources said.

    Pandey, currently Executive Director of Bank of Maharashtra, has been appointed as MD and CEO of Union Bank of India for a period of three years with effect from date of assumption of charge of the office.

    Kumar, Executive Director of Punjab National Bank (PNB), will succeed M V Rao as MD and CEO of Central Bank of India after his superannuation in July.

    The Financial Services Institutions Bureau (FSIB) on May 30 recommended Pandey and Kumar for the post of MD and CEO of Union Bank of India (UBI) and Central Bank of India, respectively.


    FSIB is headed by former Department of Personnel and Training Secretary Bhanu Pratap Sharma.

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    Other members of the headhunter are Animesh Chauhan, former chairman and MD of erstwhile Oriental Bank of Commerce, the Reserve Bank‘s former executive director Deepak Singhal, and Shailendra Bhandari, ex-MD of erstwhile ING Vysya Bank.

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  • Bank of Maharashtra reports 47% jump in Q1FY25 net profit

    Bank of Maharashtra reports 47% jump in Q1FY25 net profit

    Bank of Maharashtra (BoM) reported a 47 per cent jump in first quarter net profit at ₹1,293 crore on the back of healthy growth in net interest income and non-interest income and sharp decline in provision for taxes.

    The Pune-headquartered public sector bank had reported a net profit of ₹882 crore in the year ago period.

    Net interest income (difference between interest earned and interest expended) in the reporting quarter was up about 20 per cent yoy at ₹2,799 crore (₹2,340 crore in the year ago period).

    Other income, including fee-based income, treasury income and recovery in written-off accounts, rose 42 per cent yoy to ₹894 crore (₹629 crore).

    Provision for Non Performing Assets (NPAs) and Standard/Restructured Assets were up at ₹586 crore (₹539 crore) and ₹344 crore (₹212 crore), respectively. Provision for taxes declined to ₹50 crore (₹205 crore).

    Net interest margin (yearly) rose to 3.97 per cent against 3.86 per cent in the year ago period.

    GNPAs position improved to 1.85 per cent of gross advances as at June-end 2024 against 1.88 per cent as at March-end 2024. Net NPAs position was unchanged at 0.20 per cent of net advances.

    Gross advances increased by 18.99 per cent yoy to ₹2,09,031 crore as at June-end 2024 on the back of 24.70 per cent growth in RAM (retail, agriculture and MSME) advances and 11.01 per cent growth in corporate & other advances.

    Total deposits rose by 9.43 per cent yoy to stand at ₹2,67,416 crore as at June-end 2024. Low-cost CASA (current account, savings account) deposits declined to 49.86 per cent of total deposits against 50.97 per cent in the year ago quarter.

    Shares of the Bank closed at ₹68.75 per share, up 5.67 per cent over the previous close.

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  • Centre extends term of office of BoM and CBoI Chiefs

    Centre extends term of office of BoM and CBoI Chiefs

    The Central Government has extended the term of office of the chiefs of the Bank of Maharashtra (BoM) and the Central Bank of India (CBoI).

    BoM, in a regulatory filing, said that the Department of Financial Services (DFS), Ministry of Finance (MoF), has notified that the Central Government has extended the term of office of AS Rajeev, MD and CEO of the Bank, beyond his current notified term, which expires on December 1, 2023, till the date of his superannuation — that is, May 31, 2024, or until further orders, whichever is earlier.

    Rajeev took charge as BoM chief in December 2018.

    In a regulatory filing, the CBoI said the DFS, MoF, has extended the term of office of Matam Venkata Rao, MD and CEO of the Central Bank of India, beyond his currently notified term, which expires on February 29, 2024, until the date of his superannuation, that is, July 31, 2025, or until further orders, whichever is earlier.

    Rao took charge as CBoI chief in March 2021.

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  • Bank of Maharashtra tops PSU lenders chart in loan, deposit growth in Q1

    Bank of Maharashtra tops PSU lenders chart in loan, deposit growth in Q1

    State-owned Bank of Maharashtra (BoM) has emerged as the top performer among public sector lenders in loan and deposit growth in percentage terms during Q1 FY24.

    The deposit and advances of the Pune-based lender recorded almost 25 per cent rise, the highest by any public sector bank during the April-June quarter.

    With a growth rate of 24.98 per cent, the gross domestic advances of the bank rose to ₹1,75,676 crore at the end of June 2023, according to published quarterly numbers of the public sector banks (PSBs).

    Also read: Bank of Maharashtra cuts home and car loan interest rates

    It was followed by UCO Bank with 20.70 per cent growth, while Bank of Baroda with 16.80 per cent and Indian Overseas Bank with 16.21 per cent growth were at third and fourth spot, respectively.

    Country’s largest lender State Bank of India stood at fifth spot with 15.08 per cent rise in domestic advances growth.

    However, SBI’s total loans were about 16 times higher at ₹28,20,433 crore, as compared to ₹1,75,676 crore of BoM in absolute terms.

    In terms of Retail-Agriculture-MSME (RAM) loans, BoM has the highest growth of 25.44 per cent followed by Punjab & Sind Bank with 19.64 per cent and Punjab National Bank at 19.41 per cent on Y-o-Y basis.

    Also read: Bank of Maharashtra’s advances to grow 1.5 times the banking industry average in FY24: Chief Rajeev

    With regard to deposit growth, BoM witnessed a 24.73 per cent growth and mobilised ₹2,44,365 crore at the end of June 2023.

    Bank of Baroda was in the second place with a 15.50 per cent growth in deposits (₹10,50,306 crore), while Punjab National Bank recorded a 13.66 per cent increase at ₹12,67,002 crore, according to published data.

    BoM retained top position in terms of garnering low-cost Current Account and Savings Account (CASA) deposits with 50.97 per cent followed by Central Bank of India at 49.56 per cent.

    Helped by high growth in loan and deposits, the bank’s total business also recorded the highest growth of 24.84 per cent at ₹420,041 crore, followed by Bank of Baroda at 16.10 per cent at ₹18,62,932 crore at the end of June 2023.

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  • Bank of Maharashtra reports 30% y-o-y growth in gross advances

    Bank of Maharashtra reports 30% y-o-y growth in gross advances

    Bank of Maharashtra’s total deposits and gross advances increased by 15.72 per cent and 29.59 per cent, respectively, year-on-year (y-o-y) as at March-end 2023, with its total business crossing the ₹4-lakh-crore mark.

    As at March-end 2023, total deposits and gross advances stood at ₹2,34,092 crore (₹2,02,294 crore as at March-end 2022) and ₹1,75,255 crore ( ₹1,35,240 crore), respectively, as per the public sector bank’s quarter-end provisional business update.

    As at March-end 2023, total business (total deposits plus gross advances) stood at ₹4,09,347 crore (₹3,37,534 crore).

    The proportion of low-cost current account, savings account (CASA) deposits came down to 53.39 per cent of total deposits as at March-end 2023 against 57.85 per cent per cent as at March-end 2022. However, the proportion of CASA improved as at March-end 2023 vis-a-vis 52.50 per cent as at December-end 2022.

    Credit-deposit ratio improved to 74.87 per cent against 66.85 per cent as at March-end 2022.

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  • Mazagon Dock, Alembic Pharma, Adani Enterprises among 30 BSE500 stocks that gained up to 22% this week

    Mazagon Dock, Alembic Pharma, Adani Enterprises among 30 BSE500 stocks that gained up to 22% this week

    The Indian market ended in the green for the week buoyed by positive global cues. While Sensex gained 990.30 points or 1.65 per cent to 60,950, Nifty climbed 1.86 per cent or 330 points to 18,117.

    At least 30 stocks rose between 10 per cent to 22 per cent on the BSE 500 index in the last five trading sessions.

    Top gainer was Mazagon Dock Shipbuilders rising 21.93 per cent during the week to close at Rs 781.20. The stock also hit its 52-week high of Rs 798.50 on November 3 (Thursday).

    On a daily basis, the stock ended 3.63 per cent or Rs 27.40 higher on Friday.  It also touched an intraday high of Rs 792.50. Market cap of the firm rose to Rs 15,756 crore. The stock gained 22.74 per cent in the last four trading sessions. The company will announce its September quarter earnings on November 10, 2022.

    Shares of Alembic Pharmaceuticals were the second largest gainers on BSE 500 rising 19.37 per cent during the week. On a daily basis, the stock ended 0.36 per cent or Rs 2.40 lower on Friday. It also touched an intraday low of Rs 642.45 falling 2.49 percent in the last trading session. Market cap of the firm fell to Rs 12,903 crore. The stock fell on Friday after six sessions of gains. The company will announce its September quarter earnings on November 11, 2022

    Redington stock also gained 16.53 per cent during the week to close at Rs 158.20. On a daily basis, the stock ended 0.73 per cent or Rs 1.15 higher on Friday. It also touched an intraday high of Rs 164.45 rising 4.71 percent in the last trading session. Market cap of the firm rose to Rs 12,362 crore. The stock has risen consecutively for the last five sessions. The company reported a 26% rise in consolidated net profit to Rs 387 crore on a 25% increase in revenue to Rs 19,080.8 crore in Q2 FY23 on a year-on-year basis.

    Shares of Indian Overseas Bank climbed 16.08 per cent during the week to close at Rs 21.65. The banking stock touched an intraday high of Rs 21.9, rising 13.18% on BSE. Later, it closed 11.89 per cent higher on Friday. Market cap of the bank rose to Rs 38,750 crore. The stock has risen 15.78 per cent in the last two sessions. The lender will announce its September quarter earnings on November 5 (today).

    Shares of Adani Enterprises climbed 15.24 per cent during the week to close at Rs 3,832.5. The large cap stock touched an intraday high of Rs 3,850, rising 7.21% on BSE. Later, it closed 6.72 per cent higher on Friday. Market cap of the Adani Group firm rose to Rs 38,750 crore. The stock has risen 16.13 per cent in the last seven sessions. The company announced its September quarter earnings on November 3. Consolidated profit in Q2 jumped 117 per cent year-on-year (YoY) to Rs 461 crore from Rs 202 crore in the corresponding quarter last year. Consolidated total income for the quarter surged 183 per cent YoY to Rs 38,441 crore compared with Rs 13,597 crore in the same quarter last year. The top line growth was led by a strong show at IRM and Airport business.

    Other stocks which rose between 10% to 15% during the week were UCO Bank, Bank Of India, JK Lakshmi Cement, Dalmia Bharat Ltd., Punjab & Sind Bank, Rajesh Exports Ltd, Rail Vikas Nigam Ltd, Amara Raja Batteries, Vedanta Ltd, FSN E-Commerce Ventures Ltd., Lemon Tree Hotels Ltd, MAS Financial Services, Delhivery, Jindal Stainless, Thermax, Ircon International, Cochin Shipyard, Godfrey Phillips India, Bank Of Maharashtra, Heidelberg Cement India and Aster DM Healthcare.

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