Adversitement
Bank of Maharashtra Leads Public Sector Banks in Deposit Growth Amidst Industry Challenges
Published On : 2024-02-04T16:30:33+0530 [ IST ] |
Author : Mayur_Tembhare
Home
Logo of Bank of Maharashtra
India / Maharastra :
Bank of Maharashtra (BoM) has emerged as the front-runner in deposit mobilization among public sector banks, achieving the highest growth rate at a time when many lenders struggle to attain double-digit growth. In the third quarter ending December 2023, only BoM and the State Bank of India (SBI) achieved double-digit growth in deposits among the 12 public sector banks.
BoM, headquartered in Pune, reported an impressive 17.89% growth in deposits, followed closely by SBI at 12.84% during the same quarter. It's worth noting that SBI's total deposits were significantly higher, standing at ₹45,67,927 crore, compared to BoM's ₹2,45,734 crore.
Central Bank of India secured the third position with a 9.53% growth in deposits, and Punjab National Bank recorded a 9.10% increase.
In terms of low-cost Current Account and Savings Accounts (CASA) deposits, BoM continued to lead with 50.19%, followed by Central Bank of India at 48.98%. A higher share of CASA deposits allows banks to maintain a lower cost of funds.
On the asset quality front, BoM and SBI reported the lowest gross Non-Performing Assets (NPAs) at 2.04% and 2.42%, respectively, as of December 31, 2023. BoM and Indian Bank reported the lowest net NPAs at 0.22% and 0.53%, respectively.
In terms of capital-adequacy-ratio" target="_blank">Capital Adequacy Ratio (CRAR), BoM secured the top position among public sector banks with 16.85%, followed by Indian Overseas Bank (IOB) at 16.80% and Punjab & Sind Bank at 16.13% at the end of the third quarter.
Over the nine months of FY'24, all 12 public sector banks collectively reported a net profit of ₹98,355 crore. PNB demonstrated the highest quarterly net profit growth at 253% (₹2,223 crore), followed by Bank of India with a 62% growth (₹1,870 crore), and Union Bank of India with a 60% growth (₹3,590 crore). However, SBI, UCO Bank, and Punjab & Sind Bank reported a decline in net profit by 35.49%, 22.97%, and 69.44%, respectively.
This performance analysis showcases BoM's resilience and strategic strength in navigating the challenges faced by the banking sector, positioning it as a notable player in the industry.
Source : Bank Of Maharashtra
Tags : Bank of Maharashtra , Deposit Growth , NPA , CASA Deposits , Capital Adequacy Ratio , Financial Performance. , Public Sector Banks ,
Summary : Bank of Maharashtra leads among public sector banks in deposit growth, recording a remarkable 17.89% increase in the third quarter of FY'24. Despite challenges faced by the banking industry, BoM stands out alongside the State Bank of India, achieving double-digit deposit growth. The bank also excels in low-cost CASA deposits, asset quality, and capital-adequacy-ratio" target="_blank">Capital Adequacy Ratio, showcasing its resilience and strategic strength in a competitive banking landscape.
Adversitement