Bank of Maharashtra records highest growth rate among PSU banks in Q3

by Psu Connect
Date: 05-02-24

Public sector lender, Bank of Maharashtra has recorded the highest growth rate in terms of deposits mobilization among all public sector lenders in achieving double-digit growth.

Bank of Maharashtra records highest growth rate among PSU banks in Q3

Out of 12 public sector banks, only the Bank of Maharashtra and SBI could enter the scope of double-digit growth in deposits in the third quarter ending December 2023. The Pune headquartered BoM has significantly reported a 17.89 percent growth in deposits followed by SBI at 12.84 percent during the third quarter as per the published quarterly numbers of the PSBs.

Consequently, on the asset quality side, BoM and SBI had reported the lowest gross NPAs with 2.04 percent and 2.42 percent respectively as of December 31, 2023. However, SBI’s total deposits were 18.5 times higher at Rs 45,67,927 crore as compared to Rs 2,45,734 crore of BoM in absolute terms.

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Meanwhile, in terms of low-cost CASA deposits, BoM continued to be at the top with 50.19 percent followed by the Central Bank of India with 48.98 percent.

The Capital Adequacy Ratio [CRAR] of BoM is highest at 16.85 percent the highest among all PSBs followed by IOB at 16.80 percent and Punjab and Sind Bank standing at 16.13 percent at the third quarter end. The cumulative reported profit of all 12 PSBs during nine months stood at Rs 98,355 crore as against the total profit of Rs 104,649 crore for FY23.

PNB had the highest quarterly net profit growth with 253 percent [Rs 2,223 crore] followed by Bank of India and Union Bank of India at 62 percent and 60 percent.