Bank of Maharashtra tops PSU lender chart for loans and savings deposit growth in Q3

Regarding the net NPA, the BoM was better at 1.24% while that of the SBI was 1.34% during the quarter under review.

The state-owned Bank of Maharashtra (BoM) emerged as the top performer among public sector lenders in terms of growth in loans and savings deposits during the third quarter of the financial year, according to an analysis. In progress.

The Pune-headquartered lender recorded a 22.9% increase in gross advances to Rs 1,29,006 crore during the October-December 2021-22 period, according to data released by the bank.

An analysis of data disclosed by various lenders for the third quarter showed that the BoM was followed by Canara Bank, which recorded a growth of 9.28% in total advances with total loans of Rs 7,29,506 crore.

In terms of segment (Retail, Agriculture and MSMEs), BoM recorded the highest growth rate of 18.06% at Rs 75,927 crore.

With regard to the mobilization of savings deposits, the BoM recorded a growth of 18.33% to Rs 80,815 crore. It was followed by Bank of Baroda which recorded a rise of 12.36% to Rs 3,22,909 crore and State Bank of India. The latter recorded an increase of 10.30%.

However, in absolute terms, SBI’s savings deposit base was 18 times higher at Rs 14,73,506 crore against BoM’s Rs 80,815 crore.

In terms of improving asset quality, the BoM’s gross non-performing assets (NPA) accounted for 4.73% of total advances, second best after the SBI at 4.5%, in the December quarter. .

Regarding the net NPA, the BoM was better at 1.24% while that of the SBI was 1.34% during the quarter under review.

BoM’s total business grew by 18.27% to touch Rs 3,15,620 crore at the end of December last year.

For the third quarter ended December, BoM’s standalone net profit more than doubled to Rs 325 crore from Rs 154 crore in the same period a year ago. His total income soared to Rs 3,893 crore from Rs 3,582 crore a year ago.

Net interest income (NII) increased by 17% to Rs 1,527 crore in the quarter under review. The same was at Rs 1,306 crore for the third quarter of the previous fiscal year.

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