Bank of Maharashtra (BoM) emerged as the top performer among public sector banks (PSBs) in terms of deposit mobilization growth in the third quarter ended December 2021, according to an analysis.
The Pune-headquartered lender recorded a 15.21% increase in total deposits in ₹1,86,614 crore during the period October-December 2021-22, according to data released by the bank.
An analysis of data disclosed by various lenders for the third quarter showed that BoM was followed by Punjab & Sind Bank, which recorded a growth of 10.87% in total advances with global loans at ₹1,00,351 crore.
With regard to the mobilization of savings deposits, the BoM recorded a growth of 18.33% at ₹80,815 crores. It was followed by Bank of Baroda which recorded a rise of 12.36% at ₹3,22,909 crore and State Bank of India. SBI posted an increase of 10.30 percent. However, in absolute terms, SBI’s savings deposit base was 18 times larger than ₹14,73,506 crore compared to BoM ₹80,815 crores.
Current deposit during the third quarter experienced a growth rate of 54.86% for ₹21,917 crore trailed by Canara Bank at 16.37 percent at ₹49,529 crore. Bank of Maharashtra Current and Savings Account (CASA) increased by 24.60% to ₹1,02,732 crore.
Mumbai-based Bank of Baroda was in second place with 12.86% growth at ₹3,88,169 crore at the end of December 2021. In terms of asset quality improvement, BoM Gross Non-Performing Assets (NPA) accounted for 4.73% of total advances, second best after SBI at 4.5%, during the December Quarter period.
Regarding the net NPA, the BoM was better at 1.24% while that of the SBI was 1.34% during the quarter under review. For the third quarter ended December, BoM’s standalone net profit more than doubled to ₹325 crore against ₹154 crores in the same period a year ago. His total income rose to ₹3,893 crores of ₹3,582 crore in the period a year ago.
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