BoMtopsdeposit, loan growth in PSBs

NEW DELHI: State-owned Bank of Maharashtra ( BoM) has emerged as the top performer among public sector banks ( PSBs) in loan and deposit growth in percentage terms during 2021-22.

The Pune-headquartered lender recorded a 26% increase in gross advances at ₹1,35,240 crore at the end of March 2022, according to the BoM data.

It was followed by State Bank of India and Union Bank of India with 10.27% and 9.66% growth, respectively.

However, in absolute terms, aggregate loans of SBI were nearly 18 times higher than than of BoM at ₹24,06,761 crore, while Union Bank of India’s aggregate loans were five times higher at ₹6,99,269 crore at the end of fourth quarter. BoM witnessed a 16.26% growth in deposits and mobilized ₹2,02,294 crore at the end of March 2022.

Union Bank of India was second with an 11.99% growth in deposits (₹10,32,102 crore) while Indian Bank recorded a 10% increase at ₹5,84,661 crore, according to the published data.

The total business growth of BoM was also the highest at 20% at ₹3,37,534 crore followed by Union Bank of India at 11.04% at ₹17,31,371 crore at the end of FY’22. In terms of RAM (retail, agriculture and MSME) segment, BoM registered the highest growth rate of 18.65% at ₹80,669 crore.

The bank’s gross NPAs nearly halved to 3.94% from 7.23% in March 2021, while net NPAs more than halved to 0.97% from 2.48% in March 2021.

For the full year to March, the lender saw its net profit rising two- fold to ₹ 1,152 crore as against ₹550 crore in FY21.

BoM is eyeing a 25- 30% growth in its net profit in the current financial year, aided by a healthy growth in net interest income and fall in provisions for bad assets. NII grew by 23.42% on a year-on-year basis to ₹6,044 crore in FY2022, against ₹4,897 crore in FY2021.