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Bank of Maharashtra climbs 5% on Q2 business update

Shares of Bank of Maharashtra in Tuesday’s trading session gained close to 5% to the day’s high price of Rs 18.4 after the lender in an exchange filing said that its total deposits came in at Rs 1,95,849 crore in the September ended quarter, up 8% year-on-year (YoY), from Rs 1,81,572 crore in the same period a year ago.

However, the total deposits logged a marginal decline in the review period from Rs 1,95,909 crore of 30 June 2022.

CASA deposits at the bank also grew to Rs 1,10,205 crore in the September quarter as against Rs 97,889 crore in the same quarter a year ago.

CASA ratio for the review period came in at 56.27% as compared to 53.9% in the same period last year.

Gross advances at the lender also improved 28.65% YoY to Rs 1,48,246 crore from Rs 1,15,236 crore in the September quarter of FY2022.

On the other hand, gross investment by the lender witnessed a de-growth of 2.15% YoY to Rs 70,731 crore in the September quarter in comparison to Rs 72,285 crore in the same period last year.

Bank of Maharashtra is a smallcap banking entity with an m-cap of Rs 12,115 crore. The bank’s function areas include wholesale/corporate banking, treasury, retail and other banking services.

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