Bank of Maharashtra (BOM) Net profit in the fourth quarter (January-March) of the financial year 2023-24 stood at Rs 1,218 crore, an increase of 45 percent. The Pune-based public sector lender’s net profit was Rs 840 crore in the same quarter a year ago. BOM said in the information given to the stock market, the total income of the bank increased to Rs 6,488 crore in the quarter under review. It was Rs 5,317 crore in the same period last year. There was a spectacular rise in the stock due to the excellent results presented by the bank. The stock had opened at Rs 65.90. After the results came, it rose by about 5 percent to reach Rs 69.40. Despite the market breaking till 3 pm, the stock is trading at Rs 67.60 with a rise of 3.60%.
Interest income increased to Rs 5,467 crore
Interest income increased to Rs 5,467 crore in the period under review, from Rs 4,495 crore in the same quarter a year ago. The bank’s gross non-performing assets (NPAs) declined to 1.88 per cent of gross advances by March 31, 2024, from 2.47 per cent at the end of March 2023. Net NPA also reduced from 0.25 per cent to 0.20 per cent of advances at the end of 2024. Meanwhile, the board of directors of the bank has recommended a dividend of Rs 1.40 per share or 14 per cent of face value Rs 10 out of the net profit for the financial year ending March 31, 2024.
Strong results for Bajaj Finance and Bajaj Finserv
The consolidated net profit of non-banking financial company Bajaj Finance increased by 21 percent to Rs 3,825 crore in the January-March quarter of the last financial year 2023-24. The net profit of the company in the same quarter of the financial year 2022-23 was Rs 3,158 crore. Bajaj Finance had informed the stock market on Thursday that on a consolidated basis, its total income in the March quarter increased to Rs 14,932 crore, which was Rs 11,368 crore in the same quarter of 2022-23.
At the same time, Bajaj Finserv Limited reported a 20 percent increase in consolidated net profit to Rs 2,119 crore in the fourth quarter of the financial year 2023-24. The company’s total consolidated income increased by 35.6 percent year-on-year to Rs 32,041.93 crore. The company said the board of directors has recommended a dividend of Re 1 per share.
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