According to an analysis, Bank of Maharashtra (BoM) has become the top performer among public sector banks (PSBs) in terms of growth in deposit raising in the third quarter ended December 2021.
The Pune-headquartered lender registers a growth of 15.21 per cent in total deposits 1,86,614 crore in the October-December period of 2021-22, as per the data published by the bank.
An analysis of the data disclosed by various lenders for the third quarter showed that Punjab & Sind Bank has registered a growth of 10.87 per cent in total advances with total loans post BoM. 1,00,351 crore.
When it came to raising savings deposits, BoM registered a growth of 18.33 per cent 80,815 crore. This was followed by Bank of Baroda registering a growth of 12.36 percent. 3,22,909 crore and State Bank of India. SBI registered a growth of 10.30 per cent. However, overall, SBI’s savings deposit base was 18 times higher 14,73,506 crore against BOM 80,815 crore.
Current deposits witnessed a growth rate of 54.86 per cent during Q3 Canara Bank at 16.37 per cent after Rs 21,917 crore 49,529 crores. Bank of Maharashtra’s current account and savings account (CASA) up 24.60 percent 1,02,732 crores.
Mumbai-based Bank of Baroda stood second with a growth of 12.86 per cent 3,88,169 crore at the end of December 2021. In terms of improvement in asset quality, BoM’s gross non-performing assets (NPAs) accounted for 4.73 per cent of total advances, the second best after SBI at 4.5 per cent. December quarter.
With regard to net NPAs during the quarter under review, BoM was better at 1.24 per cent while SBI’s was 1.34 per cent. For the third quarter ended December, BoM’s standalone net profit more than doubled 325 crore as against 154 crore in the same period a year ago. its total income increased 3,893 crore from 3,582 crore in the year-ago period.
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