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Bank of Maharashtra tops PSBs' loan growth list in FY22
Bank of Maharashtra tops PSBs’ loan growth list in FY22
BoM saw its net profit rising two-fold to Rs 1,152 crore as against Rs 550 crore in FY21. It is eyeing a 25-30% growth in its net profit in this fiscal, aided by a healthy growth in NII and fall in provisions for bad assets
Hyderabad: State-owned Bank of Maharashtra (BoM) has emerged as the top performer among public sector banks (PSBs) in terms of loan and deposit growth in percentage terms during financial year 2021-22. The Pune-headquartered lender has recorded a 26 per cent increase in gross advances at Rs 1,35,240 crore in January-March quarter (Q4) of FY 2021-22.
It was followed by State Bank of India and Union Bank of India with 10.27 per cent and 9.66 per cent growth respectively. However, in absolute terms, aggregate loans of SBI were nearly 18 times higher at Rs 24,06,761 crore while Union Bank of India's five times higher at Rs 6,99,269 crore compared to that of BoM's at the end of Q4 FY22.
With regard to deposit growth, BoM witnessed a 16.26 per cent growth and mobilised Rs 2,02,294 crore at the end of Q4 FY22. Union Bank of India was second with an 11.99 per cent growth in deposits (Rs 10,32,102 crore) while Indian Bank recorded a 10 per cent increase at Rs 5,84,661 crore, according to the published data.
Total business growth of BoM was also the highest at 20 per cent at Rs 3,37,534 crore followed by Union Bank of India at 11.04 per cent at Rs 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 per cent at Rs 80,669 crore.
The bank's gross NPAs nearly halved to 3.94 per cent from 7.23 per cent in March 2021, while net NPAs more than halved to 0.97 per cent from 2.48 per cent in March 2021. BoM saw its net profit rising two-fold to Rs 1,152 crore as against Rs 550 crore in FY21. It is eyeing a 25-30 per cent growth in its net profit in this fiscal, aided by a healthy growth in net interest income (NII) and fall in provisions for bad assets.
