State-owned Bank of Maharashtra (BoM) has emerged as the top performer among public sector lenders in terms of loan and deposit growth in percentage terms from 2021-to 22.
The Pune-headquartered lender recorded a 26 percent increase in gross advances at Rs 1,35,240 crore at the end of March 2022, according to the BoM data.
It was followed by the State Bank of India and Union Bank of India with 10.27 percent and 9.66 percent growth, respectively.
However, in absolute terms, aggregate loans of SBI were nearly 18 times higher at Rs 24,06,761 crore while Union Bank of India’s five times higher at Rs 6,99,269 crore compared to that of Boms at the end of the fourth quarter.
Regarding deposit growth, BoM witnessed a 16.26 percent growth and mobilized Rs 2,02,294 crore at the end of March 2022.
Union Bank of India was second with an 11.99 percent growth in deposits (Rs 10,32,102 crore) while Indian Bank recorded a 10 percent increase at Rs 5,84,661 crore, according to the published data.
Total business growth of BoM was also the highest at 20 percent at Rs 3,37,534 crore followed by Union Bank of India at 11.04 percent at Rs 17,31,371 crore at the end of FY’22.
In terms of the RAM (retail, agriculture, and MSME) segment, BoM registered the highest growth rate of 18.65 percent at Rs 80,669 crore. The bank’s gross NPAs nearly halved to 3.94 percent from 7.23 percent in March 2021, while net NPAs more than halved to 0.97 percent from 2.48 percent in March 2021.
For the full year to March, the lender saw its net profit rising two-fold to Rs 1,152 crore as against Rs 550 crore in FY21.
BoM is eyeing a 25-30 percent growth in its net profit in the current financial year, aided by healthy growth in net interest income (NII) and a fall in provisions for bad assets.
NII grew by 23.42 percent on a year-on-year basis to Rs 6,044 crore in FY2022, as against Rs 4,897 crore in FY2021.