Synopsis: Bank of Maharashtra leads public sector banks in deposit mobilization growth, total business expansion, and CASA deposit growth, showcasing its resilience and effectiveness in the banking sector.
Bank of Maharashtra maintained its lead in deposit mobilization growth, achieving a notable 15.66% increase in FY24, closely followed by SBI, Bank of India, and Canara Bank, all of which saw double-digit growth in deposits.
Emerging as the top performer among public sector banks in the last fiscal year, Bank of Maharashtra recorded the highest growth rates in both total business and deposit mobilization.
Financial data shows the Pune-based bank achieved a significant 15.94% increase in total business (domestic) in FY24, outpacing the State Bank of India (SBI), which had a growth rate of 13.12%.
While SBI led in absolute figures, with a total business of Rs 79,52,784 crore compared to Bank of Maharashtra's Rs 4,74,411 crore, Bank of Maharashtra excelled in growth percentages.
It led in deposit mobilization with a 15.66% increase in FY24, followed by SBI, Bank of India, and Canara Bank, all posting double-digit growth rates.
CASA Deposits:
Bank of Maharashtra also excelled in low-cost CASA (Current Account Savings Account) deposits, topping the chart with a remarkable 52.73% growth.
This growth in CASA deposits is particularly beneficial for banks as it helps lower their cost of funds.
Loan Growth:
In loan growth, UCO Bank led with a growth rate of 16.38%, followed closely by Bank of Maharashtra at 16.30% and SBI at 16.26%.
Other public sector banks reported loan growth rates below 16% for the fiscal year.
Asset Quality:
Regarding asset quality, Bank of Maharashtra and SBI had the lowest levels of gross non-performing assets (NPAs) at 1.88% and 2.24%, respectively, as of March 31, 2024.
For net NPAs, Bank of Maharashtra and Indian Bank reported the lowest figures at 0.2% and 0.43%, respectively.
Capital Adequacy:
Bank of Maharashtra led public sector banks in capital adequacy ratio, with a ratio of 17.38%, followed by Indian Overseas Bank and Punjab & Sind Bank at 17.28% and 17.16%, respectively, at the end of FY24.
Bank of Maharashtra's strong performance across various metrics highlights its resilience and effectiveness in navigating the banking sector's challenges, positioning it as a notable contender in the industry.
In conclusion, Bank of Maharashtra emerges as a standout performer among public sector banks, showcasing impressive growth in deposit mobilization, total business, and CASA deposits.
Despite stiff competition, it leads the pack with its robust performance in various metrics, including loan growth, asset quality, and capital adequacy.
This solidifies Bank of Maharashtra's position as a resilient and effective player in the banking industry, poised for continued success in navigating challenges and driving growth.
Related Questions
1. What was the growth rate of Bank of Maharashtra's deposits in FY24?
Bank of Maharashtra achieved a notable 15.66% increase in deposit mobilization in FY24.
2. How did Bank of Maharashtra perform in terms of total business growth in FY24?
Bank of Maharashtra recorded a 15.94% increase in total business (domestic) in FY24, outpacing SBI's growth rate of 13.12%.
3. How did Bank of Maharashtra perform in CASA deposits growth?
Bank of Maharashtra excelled in CASA deposits with a remarkable 52.73% growth.
4. What was the performance of Bank of Maharashtra in terms of loan growth?
Bank of Maharashtra reported a loan growth rate of 16.30%, closely following UCO Bank's leading growth rate of 16.38%.
5. How did Bank of Maharashtra perform in terms of asset quality and capital adequacy?
Bank of Maharashtra had the lowest gross NPAs at 1.88% and net NPAs at 0.2%. It also led in capital adequacy ratio among public sector banks with a ratio of 17.38%.
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