Due to its net non-performing assets (NPAs) dropping as low as 0.25 percent during the fiscal year ending in March 2023, Bank of Maharashtra (BoM) has emerged as the finest bank in terms of managing bad loans.
According to annual bank statistics that are disclosed, this is the lowest percentage among all banks, not only public sector banks (PSBs), whose combined revenue exceeds Rs 3 lakh crore.
The state-owned institution with headquarters in Pune was followed by HDFC Bank, whose net non-performing assets (NPA) decreased to 0.27 percent, and Kotak Mahindra Bank, which took third place with 0.37 percent of net advances.
BoM was followed on the PSB side by State Bank of India (SBI), the nation’s largest lender, with net NPAs down to 0.67 percent, and Bank of Baroda, which had 0.89 percent at the end of March 2023.
BoM, which has the highest Provision Coverage Ratio of 98.28%, followed by UCO Bank, Indian Bank, and 94.50% and 93.82% respectively, has virtually entirely covered the NPAs.
As of March 31, 2023, BoM has the highest capital adequacy ratio (CAR) among PSBs at 18.14%, followed by Punjab & Sind Bank (17.10%) and Canara Bank (16.68%).
According to the banks’ official figures, BoM continued to lead the scheduled commercial banks in terms of loan growth with a 29.49% yearly rise.
With a gain of 21.28 percent, Indian Overseas Bank took second place, followed by Indusind Bank with a gain of 21%. The biggest lender in the nation, State Bank of India, reported a 15.38% increase in loans during FY’23.
In terms of the growth rate of deposits, HDFC Bank took the top rank with a 20.80% increase, followed by Federal Bank with a 17% increase and Kotak Mahindra Bank (KMB) with a 16.49% increase.
However, BoM led the list for low-cost Current Account and Savings Account (CASA) deposits with 53.38%, followed by IDBI Bank with 53.22% and KMB with 52.83%.