Bank of Maharashtra tops public sector banks in FY24 growth
What's the story
Bank of Maharashtra has outpaced other public sector banks in total business and deposit growth, for the fiscal year (FY) 2024. The Pune-based bank reported a 15.94% increase in total domestic business, surpassing even the State Bank of India (SBI), which posted a 13.12% growth rate. Despite this, SBI's overall business, including deposits and advances, remained significantly larger at ₹79,52,784 crore, compared to Bank of Maharashtra's ₹4,74,411 crore.
Deposit growth
Leading the deposit mobilization growth
Bank of Maharashtra also led the way in deposit mobilization growth with a 15.66% increase in FY24. This was followed by SBI, which saw an 11.07% growth rate, Bank of India at 11.05%, and Canara Bank at 10.98%. Among the 12 public sector banks, only these four achieved double-digit growth in deposits during the fiscal year 2023-24.
CASA growth
Domination in low-cost CASA deposits
In terms of low-cost Current Account Savings Account (CASA) deposits, Bank of Maharashtra continued to lead with a growth rate of 52.73% by the end of March 2024. The Central Bank of India followed closely with a rise of 50.02%. Meanwhile, UCO Bank slightly outpaced others in loan growth with a rate of 16.38%, while the Bank of Maharashtra trailed closely at 16.30%. SBI also reported substantial growth in advances at 16.26% for FY24.
Asset quality
Bank of Maharashtra and SBI report lowest NPAs
On the asset quality front, both Bank of Maharashtra and SBI reported the lowest gross non-performing assets (NPAs), with rates of 1.88% and 2.24%, respectively, as of March 31, 2024. In terms of net NPAs, Bank of Maharashtra and Indian Bank reported the lowest figures, with rates standing at 0.2% and 0.43% respectively.