Bank of Maharashtra Known as a common man's bank since inception, its initial help to small units has given birth to many of today's industrial houses. After nationalization in 1969, the bank expanded rapidly. It now has more than 1276 branches all over India. The Bank has the largest network of branches by any Public sector bank in the state of Maharashtra.

The bank has fine tuned its services to cater to the needs of the common man and incorporated the latest technology in banking offering a variety of services. Bank is planning for capacity expansion by opening of new branches at the most strategic business centers. Circle offices at Pune, Mumbai, Delhi, Banglore and Nagpur. Instead of that additional ATMs will be installed to cross business level of around Rs 46000 crore & because of this bank want to increase customer base by 10%. Bank is substantially increase the Savings Bank Deposits & planning to setting up of overseas representative offices in New York, London, Singapore & Dubai etc.

Products & Services-

Bank of Maharashtra offers various products & services for all categories like Deposit products, Credit facilities, NRI services, Banking services & new innovative Technology products. Some of Schemes and Products bank of Maharashtra offering are mahabank family banking card, floating rate deposit scheme, monthly interest deposit scheme, Recurring deposit scheme, Quarterly Interest Deposit Scheme, Savings Deposit, Fixed Deposit Scheme, Mahabank Unit Deposit Scheme, Current Deposit, Sulabh Jama Yojana, Cumulative Deposit Scheme, consumer Finance, Housing Finance Scheme, Educational Loans, Loans for Exporters, Professionals, Entrepreneurs, Agriculturists etc.

Valuations

Bank of Maharashtra is looking at growing its business mix to Rs 1,000 billion in 2009-10. The bank is also looking at increasing its retail financing for medium and small sector enterprises (MSMEs) and increasing stake in large infrastructure projects. The bank reported a phenomenal rise in standalone net profit for the quarter ended March
2009. During the quarter, the profit of the company rose 2.45 times to Rs 1,373.30 million from Rs 559.90 million in the same quarter last year.

At current market price stock is trading at 3.9 P/E multiple of its FY2010 estimated earnings. We recommend investors to Strong Buy "Bank of maharashtra" with medium to long term investment prospective.