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BoM records highest growth in deposit mobilisation among PSU banks in Q3

Out of 12 public sector banks, only BoM and State Bank of India (SBI) could log a double-digit growth in deposits in the third quarter ended December 2023

Bank of Maharashtra

Bank of Maharashtra | Photo: Wikipedia

Press Trust of India New Delhi

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Bank of Maharashtra (BoM) has recorded the highest growth rate in terms of deposit mobilisation among public sector lenders at a time when most lenders are facing difficulty in achieving double-digit growth.
Out of 12 public sector banks, only BoM and State Bank of India (SBI) could log a double-digit growth in deposits in the third quarter ended December 2023.
The Pune-based lender BoM reported a 17.89 per cent growth in deposits followed by SBI at 12.84 per cent during the quarter, according to published quarterly numbers of the public sector banks (PSBs).
However, SBI's total deposits were about 18.5 times higher at Rs 45,67,927 crore, as compared to Rs 2,45,734 crore of BoM in absolute terms.
Central Bank of India was the third by clocking a 9.53 per cent growth in deposits while Punjab National Bank recorded a 9.10 per cent increase.
In terms of low-cost CASA deposits, BoM continued to top the chart with 50.19 per cent followed by Central Bank of India with 48.98 per cent.
Higher level of Current Account and Savings Accounts (CASA) helps banks to keep their cost of funds low.
On the asset quality side, BoM and SBI reported the lowest gross Non-Performing Assets (NPAs) with 2.04 per cent and 2.42 per cent respectively as of December 31, 2023. In terms of Net NPAs, BoM and Indian Bank reported the lowest net NPA with 0.22 per cent and 0.53 per cent respectively.
Capital Adequacy Ratio (CRAR), BoM with 16.85 per cent is the highest amongst PSBs followed by IOB at 16.80 per cent and Punjab & Sind Bank at 16.13 per cent at the end of the third quarter of the current fiscal.
During nine months of FY'24, all 12 PSBs cumulatively reported a net profit of Rs 98,355 crore as against a total profit of Rs 104,649 crore for the full year of FY'23.
PNB had the highest quarterly net profit growth with 253 per cent (Rs 2,223 crore) followed by Bank of India with 62 per cent growth (Rs 1,870 crore) and Union Bank of India with 60 per cent (Rs 3,590 crore).
However, three lenders -- SBI, UCO Bank and Punjab & Sind Bank -- reported a fall in net profit by 35.49 per cent, 22.97 per cent and 69.44 per cent respectively.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Feb 04 2024 | 3:28 PM IST

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