top PSU bank in business
growth in FY 2024
Bank of Maharashtra has emerged
as the top demonstrator in public
sector banks, which has shown
impressive growth in total business
and deposit. With the increase of
15.94% in total trading and 15.66%
increase in deposits, it overtook
competitors like State Bank of
India.
With a growth rate of 15.94 percent,
the BOM has also surpassed State
Bank of India (SBI), which has
registered a 13.12 percent increase.
However, SBI's total business is
about 16.7 times more than BOM,
which is Rs 79,52,784 crore as
compared to BOM's Rs 4,74,411
crore.
Similarly, with an increase of 15.66
percent in FY 2014, the BOM
maintained its top position in
terms of increase in deposits. This
was followed by SBI (11.07 percent),
Bank of India (11.05 percent) and
Canara Bank (10.98 percent).
Out of 12 public sector banks, only
these four lenders could register a
double-point increase in deposits in
the financial year 2023-24.
Other facts
In terms of low -cost CASA deposits,
Bank of Maharashtra topped the
chart with an increase of 52.73
percent, followed by Central Bank
of India at the end of March 2024
with a 50.02 percent increase. CASA
helps banks to keep the cost of
funds low.
In terms of asset quality, Bank of
Maharashtra and SBI recorded the
lowest gross non-performing assets
with 1.88 percent and 2.24 percent
respectively by March 31, 2024.
In terms of capital adequacy ratio,
Bank of Maharashtra was a leader
in PSB with 17.38 percent, followed
by Indian Overseas Bank at 17.28
percent and Punjab & Sindh Bank
at 17.16 percent at the end of FY
2024.
