Team Blitz India
PUNE’S Bank of Maharashtra (BoM) emerges as a frontrunner in the public sector banking sector, recording an impressive 15.94 per cent growth in total business (domestic) during FY24. This growth surpasses even the nation’s largest lender, State Bank of India (SBI), which saw a commendable 13.12 per cent increase, according to recent financial disclosures.
Despite SBI’s dominance in absolute terms, boasting a total business nearly 17 times higher than BoM at Rs 79,52,784 crore compared to BoM’s Rs 4,74,411 crore, BoM maintained its lead in deposit mobilisation. With a robust 15.66 per cent rise in deposits, BoM outperformed its counterparts, including SBI, Bank of India, and Canara Bank.
Among the twelve public sector banks, only four lenders, including BoM, achieved double-digit growth in deposits during FY24. BoM further excelled in securing low-cost CASA deposits, witnessing an impressive 52.73 per cent growth.
In loan growth, UCO Bank, based in Kolkata, was marginally ahead with a 16.38 per cent increase, closely followed by BoM at 16.30 per cent. However, asset quality remains a crucial metric, where both BoM and SBI shine with the lowest gross nonperforming assets (NPAs) at 1.88 per cent and 2.24 per cent, respectively, as of March 31, 2024. BoM and Indian Bank also lead in net NPAs, reporting minimal figures of 0.2 per cent and 0.43 per cent, respectively. Capital adequacy ratio positions BoM at the forefront among PSBs, boasting a robust 17.38 per cent ratio.
