New Delhi: State-owned Bank of Maharashtra (BoM) has emerged as the top performer among public sector lenders in loan and deposit growth in percentage terms during the first quarter of the current financial year.
The deposit and advances of the Pune-based lender recorded nearly 25 per cent rise, the highest by any public sector bank during the April-June quarter.
With a growth rate of 24.98 per cent the gross domestic advances of the bank rose to Rs 1,75,676 crore at the end of June 2023, according to published quarterly numbers of the public sector banks (PSBs).
It was followed by UCO Bank with 20.70 per cent growth, while Bank of Baroda with 16.80 per cent and Indian Overseas Bank with 16.21 per cent growth were at third and fourth spot respectively.
Country’s largest lender State Bank of India stood at fifth spot with 15.08 per cent rise in domestic advances growth.
However, SBI’s total loans were about 16 times higher at Rs 28,20,433 crore, as compared to Rs 1,75,676 crore of BoM in absolute terms.
In terms of Retail-Agriculture-MSME (RAM) loans, BoM has 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 Y-o-Y basis.
With regard to deposit growth, BoM witnessed a 24.73 per cent growth and mobilised Rs 2,44,365 crore at the end of June 2023.
Bank of Baroda was at the second place with a 15.50 per cent growth in deposits (Rs 10,50,306 crore), while Punjab National Bank recorded a 13.66 per cent increase at Rs 12,67,002 crore, according to published data.
BoM retained top position in terms of garnering low-cost Current Account and Savings Account (CASA) deposits with 50.97 per cent followed by Central Bank of India at 49.56 per cent.
Helped by high growth in loan and deposits, the bank’s total business also recorded the highest growth of a 24.84 per cent at Rs 420,041 crore, followed by Bank of Baroda at 16.10 per cent at Rs 18,62,932 crore at the end of June 2023.
PTI