Bank of Maharashtra ranks 1 in PSU lenders chart for loans in Q3

Hyderabad: State-owned Bank of Maharashtra (BoM) has appeared as the top performer among public sector banks in terms of loans and savings deposit development during the third quarter of the recent financial year, according to an analysis. The Pune-headquartered lender witnessed a 22.9 per cent improvement in gross advances at Rs 1,29,006 crore in the […]

Hyderabad: State-owned Bank of Maharashtra (BoM) has appeared as the top performer among public sector banks in terms of loans and savings deposit development during the third quarter of the recent financial year, according to an analysis.

The Pune-headquartered lender witnessed a 22.9 per cent improvement in gross advances at Rs 1,29,006 crore in the October-December period of 2021-22.

An analysis of data disclosed by numerous lenders for the third quarter revealed after BoM, Canara Bank got second place, it posted a 9.28 per cent growth in total increases with aggregate loans at Rs 7,29,506 crore.

In terms of (Retail, Agriculture and MSME) segment, BoM reported the highest growth rate of 18.06 per cent at Rs 75,927 crore. When it got to savings deposit mobilisation, BoM listed an 18.33 per cent growth at Rs 80,815 crore. It was followed by the Bank of Baroda that noted a 12.36 per cent surge at Rs 3,22,909crore and State Bank of India. The latter noted a growth of 10.30 per cent.

In absolute terms, SBI’s savings deposit base was 18 times greater at Rs 14,73,506 crore as compared to BoM’s Rs 80,815 crore. In terms of asset quality growth, gross Non-Performing Assets (NPAs) of BoM was at 4.73 per cent of the total increases, second best after SBI at 4.5 per cent, during the quarter 3 fiscal. In terms of net NPA, BoM was competently at 1.24 per cent while that of SBI was 1.34 per cent during the quarter under survey.

For the third quarter ended December, BoM’s aggregated net profit more than doubled to Rs 325 crore as compared to Rs 154 crore in the same period a year ago. Its cumulative income rose to Rs 3,893 crore from Rs 3,582 crore in the year-ago period.

The Net Interest Income (NII) heightened up to 17 per cent to Rs 1,527 crore during the quarter under study. The same was at Rs 1,306 crore for the third quarter of the earlier fiscal.

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