Bank of Maharashtra sees gross loan growth of 28.62% in September quarter

14 Nov 2022 , 08:10 AM

The Bank of Maharashtra (BoM) outperformed other public sector lenders in terms of percentage loan growth during the second quarter of 2022—2023.

The institution with its headquarters in Pune experienced a 28.62% increase in gross advances at the end of September 2022, amounting to Rs1,48,216 crore, according to quarterly data released by public sector banks.

The second-place finisher, Union Bank of India, had its revenue rise by 21.54% to Rs7,52,469 crore. State Bank of India, the biggest lender in the country, came in third with an 18.15% growth in gross advances.

However, in absolute terms, SBI’s total loans were about 17 times larger than those of BoM, coming in at Rs25,47,390 crore as opposed to Rs1,48,216 crore.

BoM, Bank of Baroda, and SBI all had increases in Retail-Agriculture-MSME (RAM) loans during the studied period, but BoM saw the biggest increase–22.31%.

BoM topped the list for low-cost Current Account Savings Account (CASA) deposits with 56.27%. Central Bank of India was second on the list with 50.99%.

BoM and SBI led all PSBs in terms of their 3.55% Net Interest Margin (NIM), a crucial measure of profitability. With 3.49 and 3.44%, Bank of India and Central Bank of India placed second and third, respectively.

The government’s efforts to minimize bad loans are paying off, according to Finance Minister Nirmala Sitharaman’s announcement last week. All 12 PSBs reported a 50% increase in total net profit at Rs25,685 crore in the second quarter.

In the first half of FY23, the combined net profit of all PSBs climbed by 32% to Rs40,991 crore.

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