Bank of Maharashtra: Bank of Maharashtra (BoM), a state-owned bank headquartered in Pune, has emerged as the top-performing public sector lender in terms of loan and deposit growth during the fiscal year 2022-23.
BoM achieved remarkable profitability, with its bottomline surging by nearly 126 percent to ₹2,602 crore during the year, marking the highest growth among its peers.
While all 12 public sector banks collectively recorded a 57 percent increase in net profit, reaching ₹1,04,649 crore in FY23, according to the published yearly figures of public sector banks (PSBs).
In terms of percentage increase in gross advances, BoM excelled with a 29.4 percent jump in loans, amounting to ₹1,75,120 crore as of March 2023. Indian Overseas Bank and UCO Bank followed closely with 21.2 percent and 20.6 percent growth, respectively.
However, in absolute terms, the State Bank of India (SBI), the country’s largest lender, outperformed its counterparts with aggregate loans nearly 16 times higher at ₹27,76,802 crore. Regarding deposit growth, BoM witnessed a 15.7 percent rise, accumulating ₹2,34,083 crore by the end of March 2023.
Bank of Baroda secured the second position with a 13 percent growth in deposits (₹10,47,375 crore), while Punjab National Bank recorded an 11.26 percent increase, amounting to ₹12,51,708 crore, according to the data.
BoM retained its leading position in attracting low-cost Current Account and Savings Account (CASA) deposits, with an impressive 53.38 percent, followed by Central Bank of India at 50.18 percent.
BoM also achieved the highest total business growth at 21.2 percent, reaching ₹4,09,202 crore, followed by Bank of Baroda at 14.3 percent (₹18,42,935 crore) by the end of FY23.
In terms of Retail-Agriculture-MSME (RAM) loans, BoM registered the highest growth of 24.06 percent on an annual basis, followed by Punjab National Bank at 20.85 percent and Punjab & Sind Bank at 20.70 percent.