Its total business surged 22.8% on a year-on-year (YoY) basis to a provisional Rs 4,22,419 crore while deposits increased 22.2% to Rs 2,39,306 crore. Its current account and savings account (CASA) deposits registered growth of 10.1% to Rs 1,21,345 crore compared with the year-ago period.
Stocks to watch today: Mounting uncertainty in both global and domestic markets has kept Indian equities highly volatile. IndusInd Bank, Bajaj Auto, and Zydus Lifesciences, are among the stocks in focus on Tuesday, April 25, 2023.
Bank of Maharashtra reported a 136 per cent YoY rise in net profit to Rs 840 crore in the quarter that ended on March 31, 2023, from Rs 355 crore in the same quarter the previous year.
Government is considering mid-sized to small banks for its first round of privatisation.
Shares of Indian Overseas Bank, Bank of India, Central Bank of India and Bank of Maharashtra rallied as much as 20 per cent on report that the government has shortlisted four mid-sized state-run banks for privatisation. The four banks on the shortlist are Bank of Maharashtra, Bank of India, Indian Overseas Bank and the Central Bank of India, news agency Reuters reported citing sources.
Following this report, Indian Overseas Bank stock price rose by its daily maximum limit of 20 per cent to hit an intraday high of Rs 13.20. Central Bank of India advanced 15.6 per cent to hit high of Rs 16.12, Bank of India climbed 15 per cent to hit fresh 52-week high of Rs 67.70 and Bank of Maharshtra rallied 20 per cent to hit a high of Rs 19.10.