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Bank of Maharashtra tops public sector banks in FY24 growth
The bank reported 15.94% growth in total domestic business

Bank of Maharashtra tops public sector banks in FY24 growth

May 19, 2024
03:55 pm

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.