With a growth rate of 23.55 percent, gross domestic advances of BoM rose to Rs 1,83,122 crore at the end of September 2023, according to published quarterly numbers of public sector banks (PSBs).
State-owned Bank of Maharashtra (BoM) retained the top spot among public sector lenders in loan and deposit growth in percentage terms during the second quarter of the current financial year. The deposit and advances of the Pune-based lender posted an over 20 percent rise, the highest by any public sector bank during the July-September period.
With a growth rate of 23.55 percent, gross domestic advances of the bank rose to Rs 1,83,122 crore at the end of September 2023, according to published quarterly numbers of public sector banks (PSBs). It was followed by the Indian Overseas Bank with 20.29 percent growth, the Central Bank of India (17.26 percent growth), and UCO Bank with 16.53 percent growth.
The country’s largest lender State Bank of India (SBI) stood at the seventh spot with 13.21 percent rise in domestic advances growth. However, SBI’s total loans were about 16 times higher at Rs 28,84,007 crore as compared to Rs 1,75,676 crore of BoM in absolute terms.
With regard to deposit growth, BoM witnessed a 22.18 percent rise and mobilised Rs 2,39,298 crore at the end of September 2023. Bank of Baroda was in second place with a 12 percent growth in deposits (Rs 10,74,114 crore), while SBI recorded an 11.80 percent increase at Rs 45,03,340 crore, according to the published data.
BoM retained the top position in terms of garnering low-cost Current Account and Savings Account (CASA) deposits at 50.71 percent followed by the Central Bank of India at 49.93 percent.
Helped by high growth in loan and deposits, the bank’s total business also recorded the highest growth of 22.77 percent at Rs 4,22,420 crore, followed by Bank of Baroda at 13.91 percent growth (Rs 19,08,837 crore) at the end of September 2023.
BoM was the top performer among PSBs in terms of deposits, advances, and total business with growth of about 25 percent during the first quarter as well.
Bank of Maharashtra top among PSU lenders in loan, deposit growth in Q2 - Moneycontrol
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