BoM clocks 15.94% growth in domestic biz

Hyderabad: Pune-headquartered Bank of Maharashtra (BoM) has recorded the highest growth rate in terms of total business and deposit mobilisation, among public-sector banks (PSBs). BoM in a release said that it registered a 15.94 per cent increase in total business (domestic) during the financial year 2024, followed by India’s largest lender State Bank of India (SBI) with 13.12 per cent growth, according to latest data from PSBs. However, SBI’s total business (deposit and advances) were about 16.7 times higher at Rs79,52,784 crore, as compared to Rs4,74,411 crore of BoM in absolute terms.

BoM further informed that it continued to maintain its top spot in terms of growth in deposit mobilisation with 15.66 per cent in FY24. Out of 12 PSBs, only four lenders managed to log a double-digit growth in deposits in the 2023-24 financial year. The other PSBs include SBI at 11.07 per cent, Bank of India with 11.05 per cent, and Canara Bank at 10.98 per cent.

In terms of low-cost CASA deposits, Bank of Maharashtra continued to top the chart with 52.73 per cent, followed by Central Bank of India at 50.02 per cent, by the end of March 2024. A higher level of Current Account and Savings Accounts helps banks to keep their cost of funds low.

With regard to loan growth, the Kolkata-based UCO Bank was a tad higher at 16.38 per cent followed by BoM recording a growth of 16.30 per cent. SBI also reported over 16.26 per cent growth in advances in FY’24. Loan growth of remaining public sector banks was lower than 16 per cent during the fiscal.