BoM tops PSU banks chart in terms of loan, saving deposit growth in Q1

The state-owned Bank of Maharashtra (BoM) has topped among public sector banks in terms of loan and savings deposit growth during the first quarter of the current financial year.

As per the published data, BoM which is headquartered at Pune has recorded a 14.46% increase in gross advances at Rs 1,10,592 lakh crore in the April-June period of 2021-22.

Punjab and Sind Bank ranked second and posted 10.13% growth in advances with aggregate loans at Rs 67,933 crore at the end of June 2021.

In terms of deposit mobilisation, BoM with nearly 14% growth was a notch behind Punjab and Sind Bank. The State Bank of India, the country’s largest lender recorded an 8.82% rise. In absolute terms SBI’s deposit base was 21 times higher at Rs 37.20 lakh crore as against Rs 1.74 lakh crore of BoM.

Current Account Savings Account (CASA) for BoM saw the highest among the public sector lenders, at 22% during the quarter. The CASA was 53% or Rs 92,491 crore of the total liability of the bank and the total business of BoM increased 14.17% to Rs 2.85 lakh crore at the end of June 2021.

BoM’s standalone net profit for the first quarter was more than doubled to Rs 208 crore as against Rs 101 crore in the same period a year ago.

The bank’s asset quality improved significantly as the gross bad loans or gross non-performing assets (NPAs) dipped to 6.35% of gross advances by the end of June 2021 as against 10.93% by the end of first quarter of the previous fiscal.

In absolute terms, gross bad loans stood at Rs 7,022 crore at the end of June 2021, lower than Rs 10,558.53 crore recorded in the same period a year ago.