Bank of Maharashtra: Among the public sector banks, the Bank of Maharashtra (BOM) has been at the forefront regarding percentage credit growth in the second quarter of the financial year 2022-23.
According to the quarterly data of public sector banks, gross advances of BoM grew 28.62 per cent to Rs 1,48,216 crore in the July-September 2022 quarter. After that, Union Bank of India had a growth rate of 21.54 per cent, and it disbursed loans worth Rs 7,52,469 crore in the quarter.
SBI Grew At The Rate Of 16.51 Percent
The country’s largest state-run bank State Bank of India (SBI), stood third. SBI’s loan growth rate was 18.15 per cent, giving a total loan of Rs 25,47,390 crore. In the second quarter also, in terms of retail, agriculture and MSME loans, the Bank of Maharashtra achieved the highest growth rate of 22.31 per cent, while the Bank of Baroda grew at 19.53 per cent and SBI 16.51 per cent.
Regarding low-cost current account savings account deposits, BoM achieved the highest growth rate of 56.27 per cent. After that Central Bank of India stood second with a growth of 50.99 per cent. BoM and SBI attained a rate of 3.55 per cent in terms of Net Interest Margin (NIM), considered a key indicator of profit-making.
After that, the Bank of India came second with 3.49 per cent, and the Central Bank of India came third with 3.44 per cent NIM. An analysis of the quarterly data reveals that BoM’s performance on the gross non-performing asset (NPA) front stood at 3.40 per cent of total advances, while SBI’s gross NPA stood at 3.52 per cent of total advances. The net NPA of these two banks has been 0.68 per cent and 0.80 per cent, respectively, in this quarter.
