Bank of Maharashtra Leads Public Sector Banks in Business Growth for FY24

Bank of Maharashtra

State-owned Bank of Maharashtra (BoM) emerged as the top performer among public sector banks (PSBs) in FY24, recording the highest growth rate in total business and deposit mobilisation. This achievement comes amid a challenging environment where many banks are struggling to achieve double-digit growth.

BoM, headquartered in Pune, posted a 15.94 per cent rise in its total domestic business, outpacing all other PSBs. The State Bank of India (SBI), the nation’s largest lender, followed with a 13.12 per cent growth. Despite BoM’s impressive percentage growth, SBI’s total business in absolute terms was significantly higher at Rs 79,52,784 crore, compared to BoM’s Rs 4,74,411 crore.

In deposit mobilisation, BoM again led the pack with a 15.66 per cent increase, surpassing SBI’s 11.07 per cent, Bank of India’s 11.05 per cent, and Canara Bank’s 10.98 per cent. Notably, only these four out of the twelve PSBs achieved double-digit growth in deposits for FY24.

The Bank of Maharashtra also excelled in low-cost Current Account and Savings Account (CASA) deposits, registering a growth of 52.73 per cent, followed by the Central Bank of India’s 50.02 per cent. High CASA ratios are beneficial as they reduce the cost of funds for banks.

On the asset quality front, BoM and SBI reported the lowest gross non-performing assets (NPAs) at 1.88 per cent and 2.24 per cent, respectively, as of March 31, 2024. For net NPAs, BoM led with 0.2 per cent, followed by Indian Bank at 0.43 per cent.

Regarding capital adequacy, BoM topped the list among PSBs with a ratio of 17.38 per cent, trailed by Indian Overseas Bank at 17.28 per cent and Punjab & Sind Bank at 17.16 per cent.

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