The state-owned Bank of Maharashtra (BoM) has emerged as the top performer among public sector lenders in terms of loan and deposit growth in percentage terms during the 2022-23 fiscal.
The Pune-headquartered lender also recorded the highest growth in profitability with bottom-line growing almost 126 percent to Rs 2,602 crore during the year.
All the 12 public sector banks together recorded 57 percent jump in net profit at Rs 1,04,649 crore in FY23, according to published yearly numbers of public sector banks (PSBs). In terms of percentage increase in gross advances, BoM recorded 29.4 percent jump in loans at Rs 1,75,120 crore as of March 2023. It was followed by the Indian Overseas Bank and UCO Bank with 21.2 percent and 20.6 percent growth respectively.
However, in absolute terms, aggregate loans of the country’s biggest lender SBI were nearly 16 times higher at Rs 27,76,802 crore.
With regard to deposit growth, BoM witnessed a 15.7 percent rise and mobilized Rs 2,34,083 crore at the end of March 2023. Bank of Baroda was second with 13 percent growth in deposits (Rs 10,47,375 crore) while Punjab National Bank recorded 11.26 percent increase at Rs 12,51,708 crore, according to the data. BoM retained the top position in terms of garnering low-cost current account and savings account (CASA) deposits with 53.38 percent followed by Central Bank of India (50.18 percent).
Total business growth of BoM was also the highest at 21.2 percent at Rs 4,09,202 crore followed by Bank of Baroda at 14.3 percent (Rs 18,42,935 crore) at the end of FY23.
In terms of Retail-Agriculture-MSME (RAM) loans, BoM registered the highest growth of 24.06 percent followed by Punjab National Bank at 20.85 percent and Punjab and Sindh Bank at 20.70 percent on an annual basis.
