Bank Of Maharashtra Q4 net jumps 3.5 times to Rs 259 cr

State-owned lender Bank Of Maharashtra surprised the street with the fourth quarter (January-March) net profit rising 3.5 times year-on-year to Rs 259 crore, sending shares 20 percent higher intraday.

Net interest income increased 34.6 percent to Rs 871 crore from Rs 647 crore Y-o-Y.

Gross non-performing asset of Pune-based bank declined 22 basis points quarter-on-quarter to 1.49 percent and net NPA went down 14 basis points Q-o-Q to 0.52 percent.

Also Read - IOB Q4 net tanks 89% on higher provisions, shares drop 7%

Provisions against bad loans slipped to Rs 124.5 crore in fourth quarter FY13 as against Rs 144 crore in third quarter.

Capital adequacy ratio improved significantly to 12.59 percent versus 10.7 percent quarter-on-quarter.

The stock rose 12.6 percent to close at Rs 56.30 amid large volumes on Bombay Stock Exchange.

There were pending buy orders of 215,157 shares, with no sellers available. Trading volumes jumped 27.6 times to 11,80,723 equity shares as compared to its five-day average of 42,832 shares.

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