State-owned Bank of Maharashtra (BoM) has emerged as the top performer among public sector lenders in loan and deposit growth in percentage terms during Q1 FY24.
The deposit and advances of the Pune-based lender recorded almost 25 per cent rise, the highest by any public sector bank during the April-June quarter.
With a growth rate of 24.98 per cent, the gross domestic advances of the bank rose to ₹1,75,676 crore at the end of June 2023, according to published quarterly numbers of the public sector banks (PSBs).
Also read: Bank of Maharashtra cuts home and car loan interest rates
It was followed by UCO Bank with 20.70 per cent growth, while Bank of Baroda with 16.80 per cent and Indian Overseas Bank with 16.21 per cent growth were at third and fourth spot, respectively.
Country's largest lender State Bank of India stood at fifth spot with 15.08 per cent rise in domestic advances growth.
However, SBI's total loans were about 16 times higher at ₹28,20,433 crore, as compared to ₹1,75,676 crore of BoM in absolute terms.
In terms of Retail-Agriculture-MSME (RAM) loans, BoM has the highest growth of 25.44 per cent followed by Punjab & Sind Bank with 19.64 per cent and Punjab National Bank at 19.41 per cent on Y-o-Y basis.
Also read: Bank of Maharashtra’s advances to grow 1.5 times the banking industry average in FY24: Chief Rajeev
With regard to deposit growth, BoM witnessed a 24.73 per cent growth and mobilised ₹2,44,365 crore at the end of June 2023.
Bank of Baroda was in the second place with a 15.50 per cent growth in deposits (₹10,50,306 crore), while Punjab National Bank recorded a 13.66 per cent increase at ₹12,67,002 crore, according to published data.
BoM retained top position in terms of garnering low-cost Current Account and Savings Account (CASA) deposits with 50.97 per cent followed by Central Bank of India at 49.56 per cent.
Helped by high growth in loan and deposits, the bank's total business also recorded the highest growth of 24.84 per cent at ₹420,041 crore, followed by Bank of Baroda at 16.10 per cent at ₹18,62,932 crore at the end of June 2023.