Indian Bank vs Bank of Maharashtra: Which Stock Should You Track

Indian Bank vs Bank of Maharashtra is a comparison investors look up when evaluating mid-size PSU banks in India. Indian Bank is a Chennai-based government-owned bank with a strong South Indian retail presence and was merged with Allahabad Bank in 2020, while Bank of Maharashtra is a Pune-based PSU bank with a significant presence in Maharashtra and is one of the fastest-growing mid-PSU banks on loan book and profitability metrics.

This Indian Bank vs Bank of Maharashtra article covers reach and market position, key products, latest declared results and stock valuation. The Indian Bank vs Bank of Maharashtra data below is sourced from Groww and public company filings and reflects the most recently available information at the time of writing.

Indian Bank vs Bank of Maharashtra: Reach and Market Position

On the Indian Bank side of the Indian Bank vs Bank of Maharashtra comparison, Indian Bank operates over 5,800 branches across India with a historical strength in South India — Tamil Nadu, Andhra Pradesh, Telangana and Karnataka. The bank was merged with Allahabad Bank in 2020 under government consolidation. Market capitalisation is Rs 1,14,357 Cr.

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On the Bank of Maharashtra side of the Indian Bank vs Bank of Maharashtra comparison, Bank of Maharashtra operates around 2,400 branches with a dominant presence in Maharashtra and growing reach in Central and North India. It is one of the smaller PSU banks by branch count but has demonstrated consistent profitability improvement. Market capitalisation is Rs 60,948 Cr.

Indian Bank vs Bank of Maharashtra: Key Products and Business Mix

In the Indian Bank vs Bank of Maharashtra product comparison, Indian Bank offers: Indian Bank earns from retail, agricultural, MSME and corporate loans. EPS is Rs 94.93. P/E is 8.94x, ROE 16.64 percent. Dividend yield is 2.15 percent.

For Bank of Maharashtra in this Indian Bank vs Bank of Maharashtra breakdown: Bank of Maharashtra earns from retail and MSME loans, priority sector lending and government banking. EPS is Rs 9.80. P/E is 8.09x, ROE 22.24 percent. Dividend yield is 1.51 percent.

Indian Bank vs Bank of Maharashtra: Latest Results

The Indian Bank vs Bank of Maharashtra results for Indian Bank: Indian Bank has a market cap of Rs 1,14,357 Cr and P/E of 8.94x. ROE is 16.64 percent, among the more profitable PSU bank franchises. Dividend yield is 2.15 percent.

The Indian Bank vs Bank of Maharashtra results for Bank of Maharashtra: Bank of Maharashtra has a market cap of Rs 60,948 Cr and P/E of 8.09x. ROE of 22.24 percent is exceptional for a PSU bank and reflects disciplined NPA management and a low-cost retail deposit franchise. Dividend yield is 1.51 percent.

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Indian Bank vs Bank of Maharashtra: Stock and Valuation

The Indian Bank vs Bank of Maharashtra stock comparison uses the latest available market data from Groww. Investors tracking Indian Bank vs Bank of Maharashtra should verify current prices on NSE or BSE before trading.

Indian Bank vs Bank of Maharashtra at current valuations: Indian Bank trades at Rs 1,14,357 Cr market cap, P/E 8.94x, ROE 16.64 percent, PB around 1.49. Bank of Maharashtra trades at Rs 60,948 Cr market cap, P/E 8.09x, ROE 22.24 percent, PB around 1.80. Bank of Maharashtra is roughly half the size by market cap but delivers a noticeably higher ROE.

Indian Bank vs Bank of Maharashtra: Quick Comparison Table

The Indian Bank vs Bank of Maharashtra comparison table below summarises the key metrics covered in this article side by side.

Parameter	Indian Bank	Bank of Maharashtra
Sector	PSU bank (South India strength)	PSU bank (Maharashtra focus)
Market Cap	Rs 1,14,357 Cr	Rs 60,948 Cr
P/E Ratio	8.94x	8.09x
ROE	16.64%	22.24%
Dividend Yield	2.15%	1.51%
Branches	~5,800	~2,400
Ownership	Government of India	Government of India

Conclusion

The Indian Bank vs Bank of Maharashtra comparison above covers the key data points on reach, products, results and valuation. Indian Bank vs Bank of Maharashtra offers two mid-size PSU banking franchises with decent dividend yields and improving asset quality. Bank of Maharashtra stands out on ROE at 22.24 percent — one of the best among listed PSU banks. Indian Bank offers greater scale post-merger with Allahabad Bank. Investors should review NPA levels, slippage trends, CASA ratio and government dividend payout policy before making any decision. Consult a SEBI-registered advisor for personalised guidance.

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Frequently Asked Questions

Which PSU bank has a higher ROE, Indian Bank or Bank of Maharashtra?

Ans. Bank of Maharashtra has a higher ROE at 22.24 percent compared to Indian Bank at 16.64 percent, reflecting strong NPA management and low provisioning.

Is Bank of Maharashtra a good PSU bank?

Ans. Bank of Maharashtra has delivered consistent improvement in ROE, NPA ratios and credit growth. Investors should review its capital adequacy, CASA ratio, and NPA resolution progress. Consult a SEBI-registered advisor.

What happened to Allahabad Bank?

Ans. Allahabad Bank was merged into Indian Bank in April 2020 as part of the government's PSU bank consolidation programme, making Indian Bank a larger mid-PSU franchise.

Does Indian Bank pay dividends?

Ans. Yes. Indian Bank pays a dividend yield of approximately 2.15 percent on a trailing twelve month basis.

Which PSU bank is larger, Indian Bank or Bank of Maharashtra?

Ans. Indian Bank is larger by market capitalisation at Rs 1,14,357 Cr versus Bank of Maharashtra at Rs 60,948 Cr.

Is Bank of Maharashtra in Nifty?

Ans. Bank of Maharashtra is part of Nifty Bank and Nifty PSU Bank indices but is not currently in Nifty 50.

How do Indian Bank and Bank of Maharashtra compare on P/E?

Ans. Indian Bank trades at P/E of 8.94x and Bank of Maharashtra at P/E of 8.09x — both at low single-digit multiples typical of profitable PSU banks.