Bank Of Maharashtra outperform other PSU Banks in Q1

Last Updated on August 13, 2023 by Brajesh

Bank Of Maharashtra outperform other PSU Banks in Q1 and able to achieve a total business growth of 24.94 percent

Growth in Loans & Advances

Bank Of Maharashtra reported 24.98 percent growth in Loans & advances for Q1 ending June 2023 which is the highest in all 12 Public Sector Banks in India. In Q1 , Loans and advances stood at Rs.175676 Cr. After Bank Of Maharashtra, UCO bank has shown a healthy growth of 20.70 percent in advances whereas, State Bank Of India stood 5th showing a growth of 15.08 percent in loans and advances portfolio for the bank. In absolute term, State Bank Of India, largest PSU Bank loans & advances figure as on 30th June 2023 is Rs 28.2 Lac Cr which is 16 times more then Bank of Maharashtra.

Growth in deposit

State owned lender, Bank of Maharashtra Deposit also grew by 24.73 Percent with deposit amount of Rs 244365 Cr for Q1, outperforming other PSU Banks. After Bank Of Maharashtra, in deposit Bank OF Baroda and Indian Overseas Bank has also shown positive numbers with a growth of 16.80 percent & 16.21 percent respectively in Q1 of FY 2023-24.

Bank Of Maharashtra Outperform other PSU Bank in Q1
Bank Of Maharashtra Outperform other PSU Bank in Q1

Bank OF Maharashtra Q1 performance

In Q1 of 2023-24, BOM has reported a net profit of Rs 882 Cr up by 95.19 percent on Y-o-Y. Bank’s total business grew by 24.8 percent recording total business of 420041 Cr. CASA ratio ending June 2023 is Rs 50.97 percent.

Bank asset quality also improved in the said quarter with gross NPA reduce to 2.28 percent and net NPA to .24 percent.

Bank’s Net Interest Margin grew by 3.86 percent in Q1. Strong Interest Income has resulted in growth of 55.04 percent with Rs1863 Cr as Operating profit for Q1 of FY 23-24.

 

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