State-owned Bank of Maharashtra (BoM) has emerged as the top performer among public sector lenders in loan and deposit growth in percentage terms during the first quarter of the current financial year.
The deposit and advances of the Pune-based lender recorded a nearly 25 percent rise, the highest by any public sector bank during the April-June quarter.
With a growth rate of 24.98 percent the gross domestic advances of the bank rose to Rs 1,75,676 crore at the end of June 2023, according to published quarterly numbers of the public sector banks (PSBs).
It was followed by UCO Bank with 20.70 percent growth, while Bank of Baroda with 16.80 percent and Indian Overseas Bank with 16.21 percent growth were at third and fourth spot respectively.
The country's largest lender
State Bank of India stood at the fifth spot with a 15.08 percent rise in domestic advances growth. However, SBI's total loans were about 16 times higher at Rs 28,20,433 crore, as compared to Rs 1,75,676 crore of BoM in absolute terms.
In terms of Retail-Agriculture-MSME (RAM) loans, BoM has the highest growth of 25.44 percent followed by Punjab & Sind Bank with 19.64 percent and Punjab National Bank at 19.41 percent on a Y-o-Y basis. With regard to deposit growth, BoM witnessed a 24.73 percent growth and mobilised Rs 2,44,365 crore at the end of June 2023.
Bank of Baroda was in second place with a 15.50 percent growth in deposits (Rs 10,50,306 crore), while Punjab National Bank recorded a 13.66 percent increase at Rs 12,67,002 crore, according to published data.
BoM retained a top position in terms of garnering low-cost Current Account and Savings Account (CASA) deposits at 50.97 percent followed by Central Bank of India at 49.56 percent.
Helped by high growth in loan and deposits, the bank's total business also recorded the highest growth of 24.84 percent at Rs 420,041 crore, followed by Bank of Baroda at 16.10 percent at Rs 18,62,932 crore at the end of June 2023.
First Published: Aug 13, 2023 12:26 PM IST
