Leaving SBI, Canara Bank behind, THIS PSU lender records highest growth in FY24 - Stock under Rs 100!

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Updated May 19, 2024 | 05:58 PM IST

Bank of Maharashtra becomes fastest growing PSU bank in India.

State-owned Bank of Maharashtra has overtaken other lenders such as SBI to become the fastest growing PSU bank in India in terms of total business and deposit mobilization in the fiscal year 2023-24. The lender with its headquarters in Pune had an increase in total domestic business of 15.94% in FY24.

State Bank of India (SBI), the largest lender in the nation, came in second with Public sector banks' (PSBs') disclosed financial data indicates an increase of 13.12%. SBI followed BoM with 13.12% growth. A higher level of current account and savings accounts helps banks to keep their cost of funds low.

Bank of Maharashtra share price

Bank of Maharashtra stock gained 0.47% on BSE during the session, May 18, to settle at Rs 64.45 apiece. The scrip opened at Rs 64.44 apiece, against the previous day close at Rs 64.15 apiece.

Bank of Maharashtra market cap

Bank of Maharashtra has a market cap of Rs 45,639 crore, with PE ratio of 11.25. The face value of the stock is Rs 10 each. The stock's 52-week movement indicates a high of Rs 72.56 apiece and a low of Rs 26.82 apiece.

Bank of Maharashtra share price history

Bank of Maharashtra is a multibagger stock. The stock has given consistent returns in the past few years. BoM stock gained around 41.06% year to date as per BSE analysis. The one- and three-year return stood at 106.97% and 156.77% respectively.

Bank of Maharashtra Q4 FY24 results

Bank of Maharashtra's revenue in March quarter FY24 stood at Rs 5,466 crore, versus Rs 5,171 crore in Q3 FY24. The net profit of the Company grew to Rs 1,217 crore in Q4 Fy24, against Rs 1,035 crore in Q3 Fy24.

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