BoM tops PSU lenders chart in profit, loan growth in FY2023
BoM tops PSU lenders chart in profit, loan growth in FY2023

BANK OF MAHARASHTRA: In terms of percentage increase for loans and deposits between 2022 and 2023, the publicly traded Bank of Maharashtra (BoM), a state-owned bank, has outperformed all other lenders in the public sector. The lender, which has its headquarters in Pune, also saw the largest gain in profitability, with its bottom line increasing by over 12% to Rs 2,602 crore over the course of the year.

However, according to public sector banks' (PSBs') annual reports, all 12 of them collectively had a 57% increase in net profit in FY23, coming in at Rs 1,04,649 crore.

Bank of Maharashtrareported a 29.4% rise in loans at Rs 1,75,120 crore as of March 2023, which is a percentage increase in gross advances. Indian Overseas Bank and UCO Bank came in second and third, respectively, with growth rates of 21.2% and 20.6%. The largest lender in the nation, SBI, had aggregate loans that were roughly 16 times greater in absolute terms at Rs 27,76,802 crore. By the end of March 2023, BoM had mobilised Rs 2,34,083 crore and had seen a growth in deposits of 15.7%. 

According to the report, Punjab National Bank had a gain in deposits of 11.26 percent, or Rs 12,51,708 crore, while Bank of Baroda came in second with a growth in deposits of 13% (Rs 10,47,375 crore).In terms of attracting low-cost Current Account and Savings Account (CASA) deposits, BoM maintained the top spot with 53.38 percent, followed by the Central Bank of India (50.18 percent).

Bank of Maharashtra had the largest overall business growth at the end of FY23 (21.2%, or Rs 4,09,202 crore), followed by Bank of Baroda (14.3%, or Rs 18,42,935 crore). It has recorded the biggest growth in Retail-Agriculture-MSME (RAM) loans, with a 24.06 percent annual increase, followed by Punjab National Bank at 20.85 percent and Punjab & Sind Bank at 20.70 percent.

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