Mumbai: Bank of Maharashtra (BoM) has recorded the highest rate of business growth rate among public sector banks (PSBs) in the Financial Year 2023-2024. Financial data of PSBs showed that BoM’s overall domestic business grew by 15.94% in FY24, followed by the State Bank of India (SBI) with a 13.12% increase.
BoM also led in deposit mobilisation with a 15.66% increase, followed by SBI (11.07%), Bank of India (11.05%), and Canara Bank (10.98%), making them the only four out of 12 PSBs to achieve double-digit growth in deposits in FY24.
SBI’s total business, comprising deposits and advances, was recorded at Rs 79,52,784 crore, 16.7 times higher than BoM’s Rs 4,74,411 crore. In low-cost Current account savings accounts (CASA) deposits, BoM saw a 52.73% growth, followed by Central Bank of India with 50.02%. High CASA levels means low funding costs for banks.
UCO Bank had the highest loan growth, indicating a 16.38% increase, followed by BoM with 16.30% and SBI with 16.26%. BoM and SBI had the lowest gross non-performing assets (NPAs) at 1.88% and 2.24%, respectively. BoM and Indian Bank reported the lowest net NPAs at 0.2% and 0.43%, respectively.
BoM also has the highest capital adequacy ratio at 17.38%, followed by Indian Overseas Bank at 17.28% and Punjab & Sind Bank at 17.16%.