Bank of Maharashtra tops among PSBs in Business Growth in FY24

The bank’s focus on low-cost CASA deposits, along with robust loan growth and exemplary asset quality, it has maintained the resilient structure of the banking industry.

Bank of Maharashtra tops among PSBs in Business Growth in FY24

Bank of Maharashtra has emerged as a top performer among public sector banks, with impressive growth in total business and deposit mobilization. With a 15.94% rise in total business and a 15.66% increase in deposits, it crosses over the State Bank of India.

In terms of total business growth, it stands out prominently with a growth rate of 15.94 percent, the bank has surpassed the largest lender PSB even, which recorded an incredible 13.12 percent growth.

 

 

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In terms of loan growth, the Bank of Maharashtra demonstrated a robust performance, with a 16.30% increase in advances. Moreover, the bank has showcased commendable asset quality management, reporting its peers' lowest gross non-performing assets (NPAs), standing at 1.88%. Its net NPAs are equally impressive, at just 0.2%.

Another point is capital adequacy ratio where Bank of Maharashtra is outpaced among competitive  public sector banks at 17.38%. This reflects the bank’s strong financial position and its ability to weather uncertainties while maintaining stability and resilience.

 

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Bank of Maharashtra also maintained its leading position in terms of deposit mobilization growth, achieving a notable 15.66% rise in the last fiscal year. This places it ahead of other major players like SBI, Bank of India, and Canara Bank, all of whom registered growth rates below 12%. Out of the 12 public sector banks, only four managed to achieve double-digit growth in deposits during this period.

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