Bank of Maharashtra tops PSU lenders chart in profit and loan growth in FY23

state-owned Bank of Maharashtra (BoM) It emerged as the best performance among public sector lenders In terms of loan and deposit growth in percentage terms during 2022-23.

The Pune-based lender also recorded the highest growth in profitability with net profit growing by almost 126 per cent to Rs.2,602 crore for the year.

However, all 12 public sector banks combined recorded a 57 per cent jump in net profit at Rs 1,04,649 crore in FY23, according to published annual figures for Public Sector Banks (PSBs).

In terms of percentage increase in total advances, BoM Bank registered a jump of 29.4 per cent in loans at Rs. 1,75,120 crore as of March 2023. It was followed by Indian Overseas Bank and UCO Bank with growths of 21.2 per cent and 20.6 per cent respectively. .

However, in absolute terms, the gross loans of the country’s largest SBI lender were nearly 16 times higher at Rs.27.76802 crore. In terms of deposit growth, BoM witnessed a rise of 15.7 per cent and amassed ₹2,34,083 crore at the end of March 2023.

Bank of Baroda came in second with a 13 per cent growth in deposits (Rs 10,47,375 crores) while Punjab National Bank registered an increase of 11.26 per cent at Rs 12,51,708 crores, according to the data.

The Bank of Japan retained the first position regarding access to low-cost current and savings account (CASA) deposits with 53.38 per cent, followed by the Central Bank of India (50.18 per cent).

Total business growth of BoM was also the highest at 21.2 per cent at ₹4,09,202 crore followed by Bank of Baroda at 14.3 per cent (Rs 18,42,935 crore) at the end of FY23.

In terms of Retail, Agriculture and Small and Medium (RAM) loans, BoM Bank registered the highest growth at 24.06 per cent, followed by Punjab National Bank at 20.85 per cent and Punjab and Sindh Bank at 20.70 per cent year on year.