Bank of Maharashtra top PSU lender in Q1
Bank of Maharashtra (BoM) has emerged as the top performer among public sector lenders in terms of loan and deposit growth in percentage terms during the first quarter of 2022-23. The Pune-headquartered lender recorded a 27.10% increase in gross advances to ₹1,40,561 crore at the end of June 2022, according to published quarterly numbers of the public sector banks (PSBs).
BoM was followed by Indian Overseas Bank and Bank of Baroda with 16.43% and 15.73% rise in advances growth, respectively. The country’s largest lender, State Bank of India (SBI), stood fourth with 13.66% growth.
However, in absolute terms, aggregate loans of SBI were about 17 times higher than that of BoM at ₹ 24,50,821 crore, while that of Bank of Baroda was nearly five times at ₹6,95,493 crore at the end of the first quarter.
With regard to deposit growth, BoM witnessed a 12.35% growth, mobilising ₹1,95,909 crore at the end of June 2022. Union Bank of India was at the second spot with a 9.42% growth in deposits at ₹9,92,517 crore, followed by Bank of Baroda with 8.51% rise at ₹9,09,095 crore, according to the data.
During the June quarter, PSBs raked in more profits on the back of a persistent decline in bad loans and the trend may have a positive bearing on their balance sheets in the coming quarters.
BoM and SBI were in the lowest quartile as far as gross nonperforming assets (NPAs) and net NPAs were concerned, according to an analysis of the quarterly financial numbers published by the public sector lenders.
Cumulatively, the 12 PSBs reported a profit of about ₹ 15,306 crore in the three months ended June, registering an annual growth of 9.2%. However, leading public sector lenders SBI and PNB posted lower profits in the June quarter.
During the April-June period of the previous fiscal, stateowned banks recorded a total profit of ₹14,013 crore.
The gross NPAs reported by BoM and SBI were 3.74% and 3.91% of their total advances, respectively, in the first quarter of the current fiscal. The net NPAs for these banks came down to 0.88% and 1%, respectively, at the end of June.
Gross NPAs of other public sector lenders varied from 6.26% to 14.90%.