Bank of Maharashtra (BoM), a state-owned bank headquartered in Pune, has emerged as the top performer among public sector lenders in terms of loan and deposit growth during the first quarter of fiscal year 2024.
The bank’s deposits and advances experienced a robust increase of nearly 25%, marking the highest growth rate among all public sector banks in the April-June quarter.
BoM achieved a remarkable growth rate of 24.98% in its gross domestic advances, which reached Rs 1,75,676 crore by the end of June 2023, according to the quarterly data published by public sector banks (PSBs).
Following closely was UCO Bank, with a growth rate of 20.70% in its advances. Bank of Baroda secured the third position with a growth rate of 16.80%, while Indian Overseas Bank stood fourth with a growth rate of 16.21%.
The State Bank of India (SBI), the country’s largest lender, occupied the fifth spot with a 15.08% rise in domestic advances growth. However, SBI’s total loans amounted to a substantial Rs 28,20,433 crore, which was around 16 times higher than BoM’s Rs 1,75,676 crore in absolute terms.
RAM loans
In terms of Retail-Agriculture-MSME (RAM) loans, BoM exhibited the highest growth at 25.44%, followed by Punjab & Sind Bank at 19.64% and Punjab National Bank at 19.41% on a year-on-year basis.
In the realm of deposit growth, BoM witnessed an impressive 24.73% increase, amassing Rs 2,44,365 crore by the end of June 2023.
Bank of Baroda secured the second place with a deposit growth of 15.50% (Rs 10,50,306 crore), while Punjab National Bank recorded a growth of 13.66% (Rs 12,67,002 crore), as per the published data.
CASA deposits
BoM maintained its leading position in garnering low-cost Current Account and Savings Account (CASA) deposits, boasting a 50.97% share. Central Bank of India followed closely with a 49.56% share.
Driven by robust growth in loans and deposits, the bank’s overall business witnessed the highest growth rate of 24.84%, amounting to Rs 4,20,041 crore. Bank of Baroda stood at a growth rate of 16.10%, reaching Rs 18,62,932 crore by the end of June 2023.
