BoM tops PSBs chart in profit, loan growth in FY23

State-owned Bank of Maharashtra (BoM) recorded the highest growth in profitability with bottom-line growing almost 126 per cent to Rs 2,602 crore during the financial year 2022-23. The Pune-headquartered lender has emerged as the top performer among public sector banks (PSBs) in terms of loan and deposit growth in percentage terms during FY23, the bank said in a statement.

However, all the 12 public sector banks together recorded 57 per cent jump in net profit at Rs 1,04,649 crore in FY23, according to published yearly numbers of PSBs. In terms of percentage increase in gross advances, BoM recorded 29.4 per cent jump in loans at Rs 1,75,120 crore as of March 2023, followed by Indian Overseas Bank and UCO Bank with 21.2 per cent and 20.6 per cent growth, respectively.

In absolute terms, aggregate loans of State Bank of India were nearly 16 times higher at Rs 27,76,802 crore. With regard to deposit growth, the BoM witnessed 15.7 per cent rise and mobilised Rs 2,34,083 crore at the end of March 2023.