Bank of Maharashtra (BoM), Federal Bank, CSB Bank, Karur Vysya Bank and Dhanlaxmi Bank have posted healthy year-on-year (yoy) growth in advances and deposits in the first quarter of FY24, going by their business updates.
Usually, the first quarter of a financial year is lean in terms of business for banks. But banks seem to be bucking this trend in FY24 in the wake of higher deposit rates and inflows of ₹2,000 bank notes, which are being withdrawn by RBI, and demand for loans from the retail and core sectors, among others.
BoM’s deposits as well as advances increased by about 25 per cent y-o-y each to ₹2,44,364 crore and ₹1,75,603 crore, respectively, as of June-end 2023, per its regulatory filing.
Federal Bank’s deposits as well as advances were up by about 21 per cent y-o-y each to ₹2,22,513 crore and ₹1,86,593 crore, respectively.
Karur Vysya Bank’s deposits as well as advances rose about 14 per cent y-o-y each to ₹80,715 crore and ₹67,105 crore, respectively.
CSB Bank’s deposits were up 21 per cent y-o-y to ₹24,476 crore and advances rose 30 per cent y-o-y to ₹21,307 crore.
Dhanlaxmi Bank’s deposits increased 6 per cent y-o-y to ₹13,374 crore and advances rose 15 per cent y-o-y to ₹10,044 crore.