Bank of Maharashtra Topped Among PSBs In Deposit Mobilisation In Q3

Bank of Maharashtra (BoM) has become top performer among public sector banks (PSBs) in terms of growth in deposit mobilisation in the third quarter ended in December 2021, according to an analysis. The Pune-headquartered lender recorded a 15.21 per cent increase in total deposits at Rs 1,86,614 crore in the October-December period of 2021-22, according to the data published by the bank.

An analysis of data disclosed by various lenders for the third quarter showed that BoM was followed by Punjab & Sind Bank which posted a 10.87 per cent growth in total advances with aggregate loans at Rs 1,00,351 crore. When it came to savings deposit mobilisation, BoM recorded an 18.33 per cent growth at Rs 80,815 crore. It was followed by Bank of Baroda that reported a 12.36 per cent rise at Rs 3,22,909 crore and State Bank of India. SBI posted an increase of 10.30 per cent.

However, in absolute terms, SBI's savings deposit base was 18 times higher at Rs 14,73,506 crore as against BoM's Rs 80,815 crore. Current deposit during the third quarter witnessed a growth rate of 54.86 per cent to Rs 21,917 crore followed by Canara Bank at 16.37 per cent to Rs 49,529 crore. Current Account and Savings Account (CASA) of Bank of Maharashtra increased by 24.60 per cent to Rs 1,02,732 crore. Mumbai-based Bank of Baroda was at the second spot with a 12.86 per cent growth at Rs 3,88,169 crore at the end of December 2021.

In terms of asset quality improvement, gross non-performing assets (NPAs) of BoM was at 4.73 per cent of the total advances, the second best after SBI at 4.5 per cent, during the December quarter. With regard to net NPA, BoM was better at 1.24 per cent while that of SBI was 1.34 per cent during the quarter under review. For the third quarter ended December, BoM's standalone net profit more than doubled to Rs 325 crore as against Rs 154 crore in the same period a year ago. Its total income climbed to Rs 3,893 crore from Rs 3,582 crore in the year-ago period. PTI