Bank of Maharashtra Leads Among PSU Lenders In Q1 Loan And Deposit Growth
Bank of Maharashtra (BoM), a state-owned bank based in Pune, has emerged as the leading performer among public sector lenders in terms of loan and deposit growth percentage during Q1 FY24.
During the April-June quarter, the bank witnessed a nearly 25 per cent rise in both deposits and advances, marking the highest growth among all public sector banks.
BoM's gross domestic advances surged by 24.98 per cent, reaching ₹1,75,676 crore by the end of June 2023, according to quarterly data published by public sector banks (PSBs).
UCO Bank followed with a growth rate of 20.70 per cent, while Bank of Baroda saw a growth of 16.80 percent and Indian Overseas Bank recorded a 16.21 per cent increase, securing the third and fourth positions respectively.
State Bank of India (SBI), the country's largest lender, occupied the fifth spot with a 15.08 per cent rise in domestic advances growth.
However, in terms of absolute numbers, SBI's total loans were approximately 16 times greater, amounting to ₹28,20,433 crore, compared to BoM's ₹1,75,676 crore.
Regarding Retail-Agriculture-MSME (RAM) loans, BoM achieved the highest growth of 25.44 per cent, followed by Punjab & Sind Bank with 19.64 per cent and Punjab National Bank at 19.41 per cent on a year-on-year basis.
In the realm of deposit growth, BoM achieved a 24.73 per cent increase, amassing ₹2,44,365 crore by the end of June 2023.
Bank of Baroda secured the second position with a 15.50 percent growth in deposits (totaling ₹10,50,306 crore), while Punjab National Bank saw a 13.66 per cent increase, reaching ₹12,67,002 crore, as per published data.
BoM maintained its leading position in acquiring low-cost Current Account and Savings Account (CASA) deposits, with a growth rate of 50.97 per cent, followed by Central Bank of India at 49.56 per cent.
Buoyed by strong growth in loans and deposits, the bank's total business also marked the highest growth of 24.84 per cent, reaching ₹4,20,041 crore. Bank of Baroda followed with a growth of 16.10 per cent, reaching ₹18,62,932 crore by the end of June 2023.
