Bank of Maharashtra is doing extremely well today morning on the back of a stellar performance for Q4FY13. The stock is up currently almost 6% at Rs.59.45, with an intra day high at Rs.62.65, tantalizingly close to its 52-week high of Rs.66.20. Volumes have risen to almost 6 lakh shares compared to around 2 lakh shares over past two week average.

The Bank has posted a very good set of numbers for Q4FY13 with a 3.5 times surge in net profit at Rs.259 crore, beating all estimates. If IOB had shocked everyone with an over 80% drop in net profit, these numbers from Bank of Maharashtra boosted optimism once again.

NII (YoY) was up 35% at Rs.871 crore and the most enthusing part of the numbers was the improvement in asset quality. Gross NPA fell 22 bps (QoQ) to 1.49% and Net NPA declined 14 bps to 0.52%. Also, unlike IOB where higher provisioning is what led to the fall, here, provisions against bad loans fell from 114 crore in Q3 to Rs.124.50 crore in Q4. CAR jumped up sequentially from 10.7% to 12.59%.