Bank of Maharashtra witnessed a 2% surge in its shares during early trade on January 3, following a robust performance in Q3, marked by over 20% growth in gross advances. The public sector bank disclosed its impressive quarterly results for December FY24 in a business update to the exchanges on January 2.
The bank reported a substantial 18.92% year-on-year growth in total business, reaching Rs 4.34 lakh crore. This growth was fueled by a 17.9% increase in deposits, totaling Rs 2.46 lakh crore, and a remarkable 20.3% rise in gross advances, reaching Rs 1.89 lakh crore.
In simpler terms, the bank experienced a noteworthy upswing in overall business, driven by increased deposits from customers and a heightened volume of loans extended by the bank. As of 10:20 am, the shares were trading 1.54% higher at ₹46.15, reflecting the positive market sentiment towards Bank of Maharashtra’s robust performance in the third quarter.
