The banking industry is the backbone of the economy, which also goes through its own phases of ups and downs. When the economy is functioning well, loans and borrowings increase, which adds to strong bank growth. Banks reported impressive results in the September quarter of FY24, with robust margin expansion, healthy loan growth, and asset quality improvements.
Here are three bank stocks under Rs 100 whose net profit increased by 380% year on year in the September quarter.
Central Bank of India
Central Bank of India is a mid-cap stock, and Company shares were trading at Rs 44.10 a share on Tuesday up 1.38 percent from the previous close price of Rs 43.50
The Bank reported an 87 percent rise in net profit for the September quarter(Q2FY24) at Rs 608 crore compared to Rs 325 crore in the same time last year (Q2FY23), Furthermore, interest income jumped by 19 percent to Rs 7,376 crore from Rs 6,184 crore the previous year.
According to a recent shareholder, the company promoters hold 93.08 percent of the company, Domestic institutional investors hold 2.84 percent and retail investors hold a 3.91 percent stake.
Central Bank of India is a commercial bank. The Bank’s in the business of Treasury Operations, Corporate/Wholesale Banking, Retail Banking, and other Banking businesses.
Punjab National Bank
Punjab National Bank is a large-cap stock and its shares were trading at Rs 73.65 a share on Tuesday, up 0.68 percent from the previous close price of Rs 73.15.
The bank’s net profit for the September quarter(Q2FY24) increased by 380 percent to Rs 1,764 crore, up from Rs 363 crore in the same period the previous year (Q2FY23). Furthermore, interest earned jumped by 30 percent to Rs 20,587 crore from Rs 26,857 crore in the previous year
According to the recent shareholding pattern, the company promoters hold 73.15 percent of the company, Foreign institutional investors hold a 2.65 percent stake, Domestic institutional investors hold 13.8 percent and retail investors hold a 10.41 percent stake.
Punjab National Bank is in the business of providing a wide range of services to a diverse range of customers, including corporate and personal banking, industrial financing, agricultural finance, and international finance.
Bank of Maharashtra
Bank of Maharashtra is a Mid-cap stock and its shares were trading at Rs 42.15 a share on Tuesday, up 1.08 percent from the previous close price of Rs 41.70.
The bank reported a 72 percent increase in net profit for the September quarter(Q2FY24), to Rs 919 crore, from Rs 535 crore at the same time last year (Q2FY23). Furthermore, interest income increased by 33 to Rs 5,067 crore from Rs 3,815 crore the previous year.
According to the recent shareholding pattern, the company promoters hold 86.46 percent of the company, Domestic institutional investors hold 5.17 percent and retail investors hold a 7.76 percent stake.
Bank of Maharashtra is engaged in the business of banking services such as Treasury, Corporate/Wholesale Banking, Retail Banking, and Other banking operations.
Written by Omkar Chitnis
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