Bank of Maharashtra records highest growth in deposit mobilisation among PSU banks in Q3

Financial institution of Maharashtra (BoM) has recorded the best development price when it comes to deposit mobilisation amongst public sector lenders at a time when most lenders are dealing with problem in reaching double-digit development.

Out of 12 public sector banks, solely BoM and State Financial institution of India (SBI) may log a double-digit development in deposits within the third quarter ended December 2023.

The Pune-based lender BoM reported a 17.89 per cent development in deposits adopted by SBI at 12.84 per cent throughout the quarter, in line with printed quarterly numbers of the general public sector banks (PSBs).

Nevertheless, SBI’s whole deposits had been about 18.5 occasions greater at Rs 45,67,927 crore, as in comparison with Rs 2,45,734 crore of BoM in absolute phrases.Central Financial institution of India was the third by clocking a 9.53 per cent development in deposits whereas Punjab Nationwide Financial institution recorded a 9.10 per cent enhance. 

By way of low-cost CASA deposits, BoM continued to prime the chart with 50.19 per cent adopted by Central Financial institution of India with 48.98 per cent. Greater degree of Present Account and Financial savings Accounts (CASA) helps banks to maintain their price of funds low.

On the asset high quality aspect, BoM and SBI reported the bottom gross Non-Performing Property (NPAs) with 2.04 per cent and a couple of.42 per cent respectively as of December 31, 2023. By way of Web NPAs, BoM and Indian Financial institution reported the bottom internet NPA with 0.22 per cent and 0.53 per cent respectively.

Capital Adequacy Ratio (CRAR), BoM with 16.85 per cent is the best amongst PSBs adopted by IOB at 16.80 per cent and Punjab & Sind Financial institution at 16.13 per cent on the finish of the third quarter of the present fiscal.

Throughout 9 months of FY’24, all 12 PSBs cumulatively reported a internet revenue of Rs 98,355 crore as towards a complete revenue of Rs 104,649 crore for the total 12 months of FY’23.

PNB had the best quarterly internet revenue development with 253 per cent (Rs 2,223 crore) adopted by Financial institution of India with 62 per cent development (Rs 1,870 crore) and Union Financial institution of India with 60 per cent (Rs 3,590 crore).

Nevertheless, three lenders — SBI, UCO Financial institution and Punjab & Sind Financial institution — reported a fall in internet revenue by 35.49 per cent, 22.97 per cent and 69.44 per cent respectively.

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