Bank of Maharashtra Becomes Best Performing Public Sector Lender In Loan, Deposit Growth in Q1

The lender reported about 25 per cent increase in deposits and advances during the April-June quarter, the highest compared to other public sector banks.

Bank of Maharashtra became the best performer among public sector banks during the first quarter of the current fiscal year. The bank emerged as the best performer in loan and deposit growth in percentage terms. 

According to a PTI report, the lender reported about 25 per cent increase in deposits and advances during the April-June quarter, the highest compared to other public sector banks. Based on the published quarterly numbers of the public sector banks, the bank recorded a growth of 24.98 per cent in the gross domestic advances, which stood at Rs 1,75,676 crore at the end of the first quarter.

UCO Bank recorded a growth of 20.70 per cent and secured the second spot, followed by Bank of Baroda with 16.80 per cent growth and Indian Overseas Bank with 16.21 per cent growth, securing third and fourth position respectively. 

The State Bank of India’s total loan count stood at Rs 28,20,433 crore, 16 times higher than the Bank of Maharashtra, with the total loan count at Rs 1,75,676 crore. But, it secured fifth position according to the data, with 15.08 per cent increase in domestic advances growth.

The report noted that in retail-agriculture-MSME (RAM) loans, the Bank of Maharashtra reported the highest growth of 25.44 per cent, followed by Punjab & Sind Bank (19.64 per cent) and Punjab National Bank (19.41 per cent), all on a year-on-year (YoY) basis. 

In terms of growth in deposits, the Bank of Maharashtra retained the lead with 24.73 per cent growth and a total amount of Rs 2,44,365 crore at the end of the quarter. The second place was secured by the Bank of Baroda, with 15.50 per cent growth, total worth Rs 10,50,306 crore, followed by Punjab National Bank with a growth rate of 13.66 per cent at Rs 12,67,002 crore, based on the data. 

Bank of Maharashtra managed to perform the best with regards to collecting low-cost Current Account and Savings Account (CASA) deposits at 50.97 per cent, closely followed by Central Bank of India at 49.56 per cent. 

The total business of the Bank of Maharashtra also recorded the highest growth rate of 24.84 per cent at Rs 420,041 crore, due to the strong growth in loan and deposits. Bank of Baroda recorded a growth rate of 16.10 per cent at Rs 18,62,932 crore, at the end of the reported quarter.