BackBank of Maharashtra declares record date for dividend: Details inside
The shares of Bank of Maharashtra closed today on the NSE at an upside gap of 1.52% after the PSU lender declared record date for dividend.
PremiumThe shares of Bank of Maharashtra closed today on the NSE at an upside gap of 1.52% after the PSU lender declared record date for dividend.
“This is to inform that the Board of Directors of the Bank in their meeting dated 24.04.2023 has recommended dividend of Rs. 1.30/- (ie., 13%) per share on equity shares of the Bank for the Financial year 2022-23. Accordingly, we wish to inform you that the Record Date for determining the eligibility of members entitled to receive dividend on equity shares is Friday, 2nd June, 2023. Dividend, if approved by the shareholders of the Bank, shall be paid after the AGM to those shareholders, whose names appear in the Bank's Register of Members/ Register of Beneficial Owners maintained by the Depositories viz., National Securities Depository Limited and Central Depository Services (India) Limited as at the close of business hours on Friday, 2nd June, 2023," said the Board of Directors of Bank of Maharashtra in a stock exchange filing today.
The net profit for the quarter ended in March (Q4FY23) rose by more than 135% to ₹840 crore from ₹355.2 crore in the same quarter the year prior. For the PSB, net interest income (NII), which was ₹1,612 crore in the same quarter last year, surged by more than 35% to ₹2,187 crore in Q4FY23. The bank said that its provisions rose by more than 60% from ₹582 crore in the preceding quarter of the same fiscal year to ₹945 crore during the quarter under review.
With its gross non-performing asset (GNPA) dropped by 47 basis points to 2.47% during Q4FY23 from 2.94% in Q4FY22, its net non-performing assets (NNPA) dropped from 0.47% to 0.25%, a decrease of 22 basis points on a YoY basis.
The shares of Bank of Maharashtra closed today on the NSE at ₹30.15 apiece level, up by 1.52% from the previous close of ₹29.70. The stock touched a 52-week-high of ₹36.25 on (15-Dec-2022) and a 52-week-low of ₹15.00 on (20-Jun-2022).
Commenting on the technical outlook of the stock, A R Ramachandran, Co-founder & Trainer-Tips2trades said "Gradual decline in NPAs with strong profit growth in Q4FY23 results has led to Bank of Maharashtra sustaining it's recent uptrend with support of 29.3 on the Daily charts. A daily close above resistance of 30.8 could lead to target of 32 in the near term. Investors should be booking profits at current levels and wait for a dip near support of 23 to buy for better returns."
Commenting on the fundamental outlook of the stock, Diwakar Rana, Senior Research Analyst, Prudent Equity said “The Bank of Maharashtra reported strong Q4 numbers the YoY profit grew by over ~136 %, while on a sequential basis, the profit increased by 8.2%. The last 5 years for the bank have been quite amazing, the NNPA% decreased in the last 5 years. The NNPA stands at 0.25% respectively in FY23 end, compared to 2.48% in FY21."
“Net Interest Margin, which is the difference between the interest income earned and the amount of interest paid out to lenders, increased to 3.78% in FY23. Retail advances are also on the rise from the last few quarters. The bank opened 181 branches an increase of ~10%, which will help the company to increase its footprint. All the things combined the bank stands at very comfortable levels, the decrease in NPAs and double-digit growth in the loan book will help the company to grow in the coming future," Diwakar Rana further added.
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