Bank of Maharashtra Leads the Way: Dominating PSU Lenders Chart with Remarkable Loan and Deposit Growth in Q1
New Delhi: Bank of Maharashtra (BoM), a prominent state-owned financial institution, has emerged as the frontrunner among public sector lenders in both loan and deposit growth during the first quarter of the ongoing financial year. In a standout performance, the Pune-based bank witnessed an impressive nearly 25 percent surge in both deposits and advances, marking the highest growth achieved by any public sector bank in the April-June quarter.
The bank’s gross domestic advances exhibited a remarkable growth rate of 24.98 percent, elevating the value to a substantial Rs 1,75,676 crore as of the end of June 2023. These figures, based on the quarterly disclosures of public sector banks (PSBs), underscore Bank of Maharashtra’s prowess in driving significant growth amidst the dynamic financial landscape.
Hot on its heels was UCO Bank, which achieved an admirable 20.70 percent growth in advances. Bank of Baroda secured the third position with a commendable 16.80 percent growth, followed closely by Indian Overseas Bank with a growth rate of 16.21 percent. State Bank of India, the country’s largest lender, clinched the fifth spot with a healthy 15.08 percent rise in domestic advances.
While Bank of Maharashtra showcased impressive performance, it’s important to note that State Bank of India’s total loans stood at approximately 16 times higher, reaching a staggering Rs 28,20,433 crore, as compared to BoM’s Rs 1,75,676 crore in absolute terms.
Turning the spotlight to Retail-Agriculture-MSME (RAM) loans, Bank of Maharashtra again secured the pole position with a growth rate of 25.44 percent, followed by Punjab & Sind Bank at 19.64 percent and Punjab National Bank at 19.41 percent on a year-on-year basis.
In terms of deposit growth, Bank of Maharashtra witnessed an enviable 24.73 percent increase, successfully amassing Rs 2,44,365 crore by the end of June 2023. Bank of Baroda, not far behind, achieved the second position with a commendable 15.50 percent growth in deposits (totaling Rs 10,50,306 crore), while Punjab National Bank exhibited a solid 13.66 percent increase, reaching Rs 12,67,002 crore.
Bank of Maharashtra’s triumph extended to low-cost Current Account and Savings Account (CASA) deposits, where it retained its leading position with an impressive 50.97 percent, closely trailed by Central Bank of India at 49.56 percent.
Buoyed by robust growth in loans and deposits, the bank’s overall business portfolio also experienced remarkable expansion, achieving the highest growth rate of 24.84 percent, amounting to Rs 4,20,041 crore. Bank of Baroda followed suit with a growth rate of 16.10 percent, reaching Rs 18,62,932 crore by the end of June 2023. This remarkable performance by Bank of Maharashtra underscores its strategic focus on sustainable growth and value creation in the dynamic financial landscape.
