Bank of Maharashtra (BoM) registered the highest growth among public sector banks in total business and deposit mobilization in the last financial year. BOM achieved this growth at a time when most public sector banks were struggling to achieve double-digit growth.
According to the published data of public sector banks, the total domestic business of Pune-headquartered Bank of Maharashtra increased by 15.94 per cent in the last financial year, 2023-24. After this, the State Bank of India (SBI) registered an increase of 13.12 percent.
However, in value terms, SBI’s total business (deposits and advances) was almost 16.7 times higher at Rs 79,52,784 crore compared to Bank of Maharashtra (BoM)’s Rs 4,74,411 crore.
Similarly, in the last financial year, BOM has had the best growth rate in terms of deposit mobilization. In the last financial year, the deposit growth of BOM was 15.66 percent. This was followed by SBI (11.07 percent), Bank of India (11.05 percent) and Canara Bank (10.98 percent).
Only four public sector banks achieved more than 10 percent deposit growth in the last financial year 12.
The Bank of Maharashtra also remained the top bank in current and savings account (CASA) deposits, with a growth of 52.73 percent. This was followed by the Central Bank of India, with an increase of 50.02 percent. CASA deposits help banks keep their treasury costs at low levels.
Kolkata’s UCO Bank was slightly better than BoM in terms of loan growth, with a growth of 16.38 per cent. After this, BOM was next, with an increase of 16.30 percent. SBI registered a rise of 16.26 percent in terms of advances in the financial year 2023-24.
In the last financial year, the loan growth of other public sector banks was less than 16 percent.
