August 13th 2023.
Bank of Maharashtra has achieved incredible success in the first quarter of the current financial year. It has recorded the highest growth rate of 24.98% in gross domestic advances among all the public sector lenders. This means that its advances rose to Rs 1,75,676 crore at the end of June 2023.
UCO Bank was the second best performer, with its advances growing by 20.70%. Bank of Baroda and Indian Overseas Bank were at third and fourth spots, with 16.80% and 16.21% growth, respectively.
State Bank of India (SBI) stood at fifth position with 15.08% rise in domestic advances. However, its total loans were 16 times more than Bank of Maharashtra in absolute terms, amounting to Rs 28,20,433 crore.
When it comes to Retail-Agriculture-MSME loans, Bank of Maharashtra had the highest growth of 25.44%, followed by Punjab & Sind Bank at 19.64%, and Punjab National Bank at 19.41%.
Bank of Maharashtra also reported a 24.73% growth in deposits and mobilized Rs 2,44,365 crore at the end of June 2023. Bank of Baroda was at the second place with a 15.50% growth in deposits, while Punjab National Bank was at third with a 13.66% increase at Rs 12,67,002 crore.
In terms of low-cost Current Account and Savings Account deposits, Bank of Maharashtra is the leader with 50.97%, followed by Central Bank of India at 49.56%.
Thanks to the high growth in loan and deposits, the bank's total business also recorded the highest growth of 24.84% at Rs 420,041 crore. Bank of Baroda followed at 16.10% at Rs 18,62,932 crore.
Overall, Bank of Maharashtra has outperformed other public sector lenders in loan and deposit growth in the first quarter. This is a remarkable achievement that will definitely help the bank create a strong foothold in the banking sector.
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