Bank of Maharashtra, a leading public sector bank in India, has reported strong growth in its financial performance for the second quarter of 2024. The bank’s gross advances surged by 18.73% year-on-year, reaching ₹2,17,426 crore as of September 30, 2024, up from ₹1,83,122 crore in the same period last year.
The bank’s quarterly performance was equally impressive, with gross advances rising 14.15% from ₹2,09,031 crore reported on June 30, 2024. This robust growth in lending activities signals strong demand and the bank’s aggressive push in the credit market.
Total deposits also saw a significant uptick, growing by 15.46% year-on-year to ₹2,76,291 crore. The quarter-on-quarter growth in deposits stood at 11.75%, indicating a steady influx of funds.
The bank’s total business, a key indicator of overall performance, reached ₹4,93,717 crore as of September 30, 2024. This represents a substantial year-on-year growth of 16.88% and a quarter-on-quarter increase of 3.62%.
Current Account Savings Account deposits, an important metric for measuring low-cost funds, stood at ₹1,36,179 crore, marking a 12.23% increase from the previous year. However, the CASA ratio slightly decreased to 49.29% from 50.71% a year ago, suggesting faster growth in term deposits.
Also Read | Bank of Maharashtra Leads Public Sector Banks in Business Growth for FY24
The bank’s performance in the first quarter of FY25 was particularly noteworthy, with net profit soaring by 46.64% to ₹1,293.49 crore. Total income for Q1 FY25 increased by 24.93% to ₹6,768.76 crore, while operating profit grew by 23.13% to ₹2,294.60 crore.
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