In FY24, Bank of Maharashtra Achieves Highest Business Growth Among PSU Banks

In terms of overall business and deposit mobilization among public sector lenders, the state-owned Bank of Maharashtra recorded the highest growth rate last fiscal year, despite the fact that most banks are struggling to achieve double-digit growth. According to publicly available financial data from public sector banks, the institution with its headquarters in Pune saw a 15.94% increase in total business (domestic) in FY24. State Bank of India (SBI), the largest lender in the nation, trailed closely behind with a 13.12 percent gain.

In absolute terms, however, Bank of Maharashtra’s (BoM) entire business was only Rs 4,74,411 crore, whereas SBI’s was Rs 79,52,784 crore. BoM maintained its leading position in terms of growth in deposit mobilization, recording an increase of 15.66 percent in FY24. SBI (11.07 percent), Bank of India (11.05 percent) and Canara Bank (10.98 percent) came in after it. Only four of the twelve public sector banks were able to record double-digit growth in deposits in the fiscal year 2023–2024.

At the end of March 2024, the BoM remained at the top of the list with a 52.73 percent gain in low-cost CASA deposits, followed by the Central Bank of India with a 50.02 percent increase. A greater number of savings and current accounts enables banks to maintain low funding costs. BoM came in second with 16.30% loan growth, and Kolkata-based UCO Bank was slightly higher at 16.38 percent. Additionally, SBI disclosed a 16.26% increase in advances for FY24.

Regarding asset quality, as of March 31, 2024, the Bank of Maharashtra and SBI had the lowest percentages of gross non-performing assets—1.88% and 2.24 percent, respectively. The two banks with the lowest net NPA percentages, BoM and Indian Bank, had 0.23 percent and 0.25 percent, respectively.