Bank of Maharashtra, a state-owned bank, has emerged as the top public sector lender in terms of loan and deposit growth during the second quarter of the fiscal year. The bank, based in Pune, witnessed a significant increase of over 20% in both deposits and advances during the July-September period, outperforming other public sector banks.
According to the published quarterly numbers of public sector banks, Bank of Maharashtra experienced a growth rate of 23.55% in gross domestic advances, reaching Rs 1,83,122 crore by the end of September 2023. Following closely behind were Indian Overseas Bank with 20.29% growth, Central Bank of India with 17.26% growth, and UCO Bank with 16.53% growth.
Surprisingly, the country’s largest lender, State Bank of India (SBI), secured the seventh spot with a 13.21% rise in domestic advances growth. Although SBI’s total loans were considerably higher at Rs 28,84,007 crore compared to Bank of Maharashtra’s Rs 1,75,676 crore in absolute terms.
When it comes to deposit growth, Bank of Maharashtra registered a 22.18% increase, accumulating Rs 2,39,298 crore by the end of September 2023. Bank of Baroda secured the second position with a 12% growth in deposits at Rs 10,74,114 crore, while SBI recorded an 11.80% increase at Rs 45,03,340 crore.
Bank of Maharashtra also maintained its position as the top performer in garnering low-cost Current Account and Savings Account (CASA) deposits, with a share of 50.71%. Central Bank of India followed closely at 49.93%.
Thanks to its impressive loan and deposit growth, Bank of Maharashtra’s total business saw the highest increase of 22.77%, amounting to Rs 4,22,420 crore. Bank of Baroda achieved a growth rate of 13.91% (Rs 19,08,837 crore), securing the second spot.
Furthermore, Bank of Maharashtra continued to outperform other public sector banks in terms of deposit, advances, and total business growth. With a growth rate of about 25% during the first quarter, the bank has shown consistent performance and remains a strong player in the banking industry.
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