Bank of Maharashtra tops PSU banks in terms of the loan, deposit growth

Bank of Maharashtra tops PSU banks in terms of the loan, deposit growth

The state-run Bank of Maharashtra (BoM) has become the top-performing country lender among public sector lenders in terms of the loan and deposit growth in fiscal 2020-21 based on published Bank of Maharashtra’s data. 

It was followed by Punjab & Sind Bank, which at the end of March 2021 saw aggregate loans grow by 8.39 percent of Rs 67,811 crore. 

The nearly 16 per cent growth even outpaced the country’s largest lender, State Bank of India, which posted a 13.56 per cent increase. Bank of Maharashtra tops PSU banks in terms of the loan, deposit growth

In absolute terms, however, the SBI deposit base was 21 times higher at Rs 36.81 lakh crore versus Rs 1.74 lakh crore by BoM.

The current account savings account (CASA) for the Bank of Maharashtra saw a 24.47% increase over the year, the highest among public sector lenders.

As a result, the CASA was 54% or Rs 93.945 billion of total liabilities. Based on the announced quarterly figures, the Central Bank of India ranked NSE 0.23 in second place with a growth of 11.46% for the CASA to Rs 1.61 lakh crore. 

BoM’s total business increased 14.98% to INR 2.81 lakh crore. For the full year 2020-21, BoM’s standalone net income increased nearly 42% to INR 550.25 crore, compared to INR 388.58 crore in income from the previous year.

The quality of the bank’s assets improved significantly as gross loans or gross NPAs decreased to 7.23% of gross loans at the end of March 2021, compared to 12.81% for the same period of the year 2020.

In absolute terms, the total amount of non-performing loans as of the end of March 2021 was INR 7,7968 crore, compared with INR 12,15215 crore.

The NPA has fallen down from INR 2,544 crore (2.4%) to INR 4,145 crore (4.77%) in the same period.

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