Bank of Maharashtra leads PSU lenders in profit & loan growth in FY23

Bank of Maharashtra

The state-owned Bank of Maharashtra (BoM) has emerged as the top performer among public sector institutions, in terms of loan and deposit growth in percentage terms during 2022-23. The Pune-based lender also saw the greatest increase in profitability, with its bottom line increasing by over 126 per cent to Rs 2,602 crore during the year.

According to reported yearly data of public sector banks (PSBs), all 12 public sector banks recorded a 57 per cent increase in net profit at Rs 1,04,649 crore in FY23. In terms of percentage rise in gross advances, the Bank of Maharashtra registered a 29.4 per cent increase in loans at Rs 1,75,120 crore as of March 2023. It was followed by Indian Overseas Bank and UCO Bank, which grew by 21.2 percent and 20.6 percent, respectively.

However, the aggregate loans of the country’s largest lender, SBI, were roughly 16 times greater in absolute terms, at Rs 27,76,802 crore. In terms of deposit growth, BoM saw a 15.7 per cent increase and mobilised Rs 2,34,083 crore by the end of March 2023.

According to the report, Bank of Baroda came in second with a 13 per cent increase in deposits (Rs 10,47,375 crore), while Punjab National Bank saw an 11.26 percent increase in deposits (Rs 12,51,708 crore). BoM maintained its lead in low-cost Current Account and Savings Account (CASA) deposits with 53.38 percent, followed by the Central Bank of India (50.18 percent).

At the end of FY23, BoM’s total business growth was 21.2 per cent at Rs 4,09,202 crore, followed by Bank of Baroda’s 14.3 percent (Rs 18,42,935 crore). In terms of Retail-Agriculture-MSME (RAM) loans, BoM had the greatest annual growth rate of 24.06 per cent, followed by Punjab National Bank at 20.85 percent and Punjab & Sind Bank at 20.70 per cent.

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