Bank of Maharashtra leads among public banks in profit, loan growth in last financial year
According to the data, the net profit of all 12 public sector banks (PSBs) is set to jump 57 per cent to Rs 1,04,649 crore in the financial year 2022-23.
New Delhi, May 25: In the last financial year (2022-23), Bank of Maharashtra (BoM) has performed best in terms of credit and deposit growth (in percentage) among public sector banks. The Pune-headquartered bank has also registered record growth in profits. During the year, the bank’s profit increased by about 126 percent to Rs.2,602 crore. According to the data, the net profit of all 12 public sector banks (PSBs) is set to jump 57 per cent to Rs 1,04,649 crore in the financial year 2022-23.
In percentage terms, Bank of Maharashtra’s total loans or advances grew by 29.4 per cent to Rs 1,75,120 crore in the last financial year. It was followed by Indian Overseas Bank and UCO Bank, which grew by 21.2 per cent and 20.6 per cent, respectively.However, in terms of value, the total loan book of the country’s largest lender State Bank of India (SBI) is almost 16 times that of BoM at Rs 27,76,802 crore. In terms of deposits, Bank of Maharashtra’s deposits increased by 15.7 percent to Rs 2,34,083 crore in the last financial year.
As per the data, Bank of Baroda stood second in terms of deposit growth with a growth of 13 per cent (Rs 10,47,375 crore), while Punjab National Bank (PNB)’s deposits grew by 11.26 per cent to Rs 12,51,708 crore. doing. BoM also topped in securing low cost Current Account and Savings Account (CASA) deposits with 53.38 per cent. It is followed by Central Bank of India with 50.18 per cent. The total turnover of BoM has increased by 21.2 percent to reach Rs 4,09,202 crore in 2022-23. Bank of Baroda stood second. Its turnover increased by 14.3 percent to Rs 18,42,935 crore.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.