Bank of Maharashtra leads among PSU lenders in loan, deposit growth in Q2

Bank of Maharashtra (BoM), a state-owned bank, has once again emerged as the top performer among public sector banks in terms of both loan and deposit growth during the second quarter of the current financial year.

The Pune-based lender showcased an impressive rise of over 20 per cent in both deposits and advances, securing the highest growth among its PSU counterparts from July to September.

According to the quarterly figures published by public sector banks (PSBs), Bank of Maharashtra’s gross domestic advances surged by 23.55 per cent, reaching Rs 1,83,122 crore by the end of September 2023, maintaining its lead in the category. It was followed closely by Indian Overseas Bank with a growth rate of 20.29 per cent, Central Bank of India with a 17.26 per cent increase, and UCO Bank with a growth rate of 16.53 per cent.

While the State Bank of India (SBI) stood at the seventh position with a 13.21 per cent rise in domestic advances, its total loans were significantly higher at about 16 times the amount of BoM, totalling Rs 28,84,007 crore compared to BoM's Rs 1,75,676 crore in absolute terms.

In terms of deposit growth, BoM experienced a commendable rise of 22.18 per cent, amassing Rs 2,39,298 crore by September 2023, maintaining its lead. Bank of Baroda secured the second spot with a 12 per cent growth in deposits, reaching Rs 10,74,114 crore, while SBI registered an 11.80 per cent increase, totalling Rs 45,03,340 crore, according to the published data.

BoM also retained its top position in garnering low-cost Current Account and Savings Account (CASA) deposits, boasting a robust 50.71 per cent growth, closely followed by Central Bank of India at 49.93 per cent.

Benefiting from remarkable growth in loans and deposits, BoM's total business expanded by 22.77 per cent to Rs 4,22,420 crore, retaining its leadership among PSBs. Bank of Baroda followed with a growth rate of 13.91 per cent and a total business volume of Rs 19,08,837 crore by the end of September 2023.

This quarter's performance follows BoM's exceptional growth of about 25 per cent in deposit, advances, and total business during the first quarter, further solidifying its position as a top performer among public sector banks.

(With PTI inputs)