Money & Banking

Bank of Maharashtra tops PSU banks in terms of loan, deposit growth

PTI New Delhi | Updated on June 11, 2021

BoM recorded a 13.45% increase in gross advances at ₹1.07 lakh cr in 2020-21

State-owned Bank of Maharashtra (BoM) has emerged as the top performer among public sector lenders in terms of loan and deposit growth during financial year 2020-21.

The lender recorded 13.45 per cent increase in gross advances at ₹1.07 lakh crore in 2020-21, as per the published data of BoM.

It was followed by Punjab & Sind Bank which posted 8.39 per cent growth in advances with aggregate loans at ₹67,811 crore at the end of March 2021.

When it came to deposit mobilisation, BoM with nearly 16 per cent growth was ahead of even the country's largest lender State Bank of India, which recorded 13.56 per cent rise.

However, in absolute terms SBI's deposit base was 21 times higher at ₹36.81 lakh crore as against ₹1.74 lakh crore of BoM.

Current Account Savings Account (CASA) for BoM saw 24.47 per cent rise, the highest among the public sector lenders, during the year.

As a result, CASA was 54 per cent or ₹93,945 crore of the total liability of the bank.

According to the announced quarterly numbers, Central Bank of India achieved second spot by recording 11.46 per cent growth in CASA at ₹1.61 lakh crore.

Total business of BoM increased 14.98 per cent to ₹2.81 lakh crore.

For the full year 2020-21, BoM's standalone net profit jumped nearly 42 per cent to ₹550.25 crore. In the previous year, the profit was ₹388.58 crore.

The bank's asset quality improved significantly as the gross bad loans or gross Non-Performing Assets (NPAs) dipped to 7.23 per cent of gross advances by the end of March 2021 as against 12.81 per cent by the same period of 2020.

In absolute terms, gross bad loans stood at ₹7,779.68 crore at the end of March 2021, lower than ₹12,152.15 crore recorded in the year-ago period.

Net NPAs came down to 2.48 per cent (₹2,544.32 crore) from 4.77 per cent (₹4,145.38 crore).

Published on June 11, 2021

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