Bank of Maharashtra Tops Public Sector Banks in Terms of Loan and Deposit Growth

KOCHI:
Bank of Maharashtra (BoM) has emerged as the top performer among public sector lenders in terms of loan and deposit growth during the financial year 2020-21. The bank recorded 13.45% increase in gross advances at Rs..1.07 lakh crore in 2020-21.

In deposit mobilisation, BoM with a nearly 16% growth was ahead of even the country’s largest lender State Bank of India. Current account savings account (CASA) for BoM saw a 24.47% rise, the highest among public sector lenders, during the year. As a result, CASA was 54% or Rs.93,945 crore of the total liability of the bank. Total business of BoM increased 14.98% to Rs.2.81 lakh crore. For the full year 2020-21, BoM’s standalone net profit jumped nearly 42% to Rs.550.25 crore. In the previous year, the profit was Rs.388.58 crore.

The bank’s asset quality improved significantly as the gross bad loans or gross non-performing assets (NPAs) dipped to 7.23% of gross advances by the end of March 2021, against 12.81% for the same period of 2020. Gross bad loans stood at Rs.7,779.68 crore at the end of March 2021, lower than Rs.12,152.15 crore recorded in the year-ago period. Net NPAs came down to 2.48% from 4.77%.