During the first quarter of the current fiscal year, the publicly traded Bank of Maharashtra (BoM), a state-owned institution, outperformed all other public sector lenders in terms of percentage increase in loans and deposits.
The Pune-based lender’s deposits and advances saw a roughly 25% increase, the largest of any public sector bank during the April-June quarter.
According to public sector banks’ (PSBs) quarterly reports, the bank’s total domestic advances reached Rs 1,75,676 crore at the end of June 2023, growing at a rate of 24.98%.
UCO Bank came in second with a growth rate of 20.70%, followed by Bank of Baroda with a growth rate of 16.80% and Indian Overseas Bank with a growth rate of 16.21%, respectively.
The biggest lender in the nation, State Bank of India, held the fifth position with an increase in domestic advances of 15.08%.
However, in absolute terms, SBI’s total loans were roughly 16 times larger at Rs 28,20,433 crore than BoM’s were at Rs 1,75,676 crore.
BoM has the greatest growth rate for Retail-Agriculture-MSME (RAM) loans at 25.44 percent, followed by Punjab & Sind Bank (19.64 percent) and Punjab National Bank (19.41 percent) on a year-over-year basis.
By the end of June 2023, BoM had mobilized Rs 2,44,365 crore and saw a deposit increase of 24.73 percent.
According to publicly available statistics, Punjab National Bank showed a 13.66% rise at Rs 12,67,002 crore, while Bank of Baroda came in second with a 15.50% gain in deposits (Rs 10,50,306 crore).
In terms of attracting low-cost Current Account and Savings Account (CASA) deposits, BoM maintained first place with 50.97%, followed by the Central Bank of India with 49.56%.
At the end of June 2023, the bank’s entire business had the biggest increase of 24.84%, or Rs 420,041 crore, aided by strong growth in loans and deposits. Bank of Baroda came in second with 16.10%, or Rs 18,62,932 crore.