State-owned Bank of Maharashtra (BoM) retained the top spot among public sector lenders in loan and deposit growth in percentage terms during the second quarter of the current financial year. The deposit and advances of the Pune-based lender posted an over 20 per cent rise, the highest by any public sector bank during the July-September period. With a growth rate of 23.55 per cent, gross domestic advances of the bank rose to Rs 1,83,122 crore at the end of September 2023, according to published quarterly numbers of public sector banks (PSBs). It was followed by Indian Overseas Bank with 20.29 per cent growth, Central Bank of India (17.26 per cent growth) and UCO Bank with 16.53 per cent growth.
The country’s largest lender State Bank of India (SBI) stood at the seventh spot with a 13.21 per cent rise in domestic advances growth.
However, SBI’s total loans were about 16 times higher at Rs 28,84,007 crore as compared to Rs 1,75,676 crore of BoM in absolute terms.
With regard to deposit growth, BoM witnessed 22.18 per cent rise and mobilised Rs 2,39,298 crore at the end of September 2023. Bank of Baroda was in second place with 12 per cent growth in deposits (Rs 10,74,114 crore), while SBI recorded an 11.80 per cent increase at Rs 45,03,340 crore, according to the published data.
BoM retained the top position in terms of garnering low-cost Current Account and Savings Account (CASA) deposits at 50.71 per cent followed by Central Bank of India at 49.93 per cent. Helped by high growth in loan and deposits, the bank’s total business also recorded the highest growth of 22.77 per cent at Rs 4,22,420 crore, followed by Bank of Baroda at 13.91 per cent growth (Rs 19,08,837 crore) at the end of September 2023. BoM was the top performer among PSBs in terms of deposit, advances, and total business with growth of about 25 per cent during the first quarter as well.