Bank of Maharashtra tops among PSBs in Business Growth in FY24
The bank’s focus on low-cost CASA deposits, along with robust loan growth and exemplary asset quality, it has maintained the resilient structure of the banking industry.
Bank of Maharashtra has emerged as a top performer among public sector banks, with impressive growth in total business and deposit mobilization. With a 15.94% rise in total business and a 15.66% increase in deposits, it crosses over the State Bank of India.
In terms of total business growth, it stands out prominently with a growth rate of 15.94 percent, the bank has surpassed the largest lender PSB even, which recorded an incredible 13.12 percent growth.
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In terms of loan growth, the Bank of Maharashtra demonstrated a robust performance, with a 16.30% increase in advances. Moreover, the bank has showcased commendable asset quality management, reporting its peers' lowest gross non-performing assets (NPAs), standing at 1.88%. Its net NPAs are equally impressive, at just 0.2%.
Another point is capital adequacy ratio where Bank of Maharashtra is outpaced among competitive public sector banks at 17.38%. This reflects the bank’s strong financial position and its ability to weather uncertainties while maintaining stability and resilience.
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Bank of Maharashtra also maintained its leading position in terms of deposit mobilization growth, achieving a notable 15.66% rise in the last fiscal year. This places it ahead of other major players like SBI, Bank of India, and Canara Bank, all of whom registered growth rates below 12%. Out of the 12 public sector banks, only four managed to achieve double-digit growth in deposits during this period.
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