Bank of Maharashtra Leads PSU Banks in FY24 Business Growth
In FY24, Bank of Maharashtra emerged as a frontrunner among public sector banks, showcasing remarkable growth in total business and deposit mobilization. Despite facing industry-wide challenges, the Pune-based lender recorded a notable 15.94% rise in total business, surpassing even the State Bank of India (SBI). With a focus on low-cost CASA deposits, Bank of Maharashtra achieved a remarkable 52.73% growth, underscoring its strategic advantage in maintaining a healthy cost of funds.
Bank of Maharashtra spearheaded the growth trajectory among PSU banks, registering a robust 15.94% increase in total business, outpacing even the industry giant, State Bank of India.
The bank maintained its dominance in deposit mobilization, witnessing a significant 15.66% rise in deposits, outperforming peers like SBI, Bank of India, and Canara Bank.
Bank of Maharashtra continued to lead in the realm of low-cost CASA deposits, showcasing an impressive 52.73% growth, a testament to its effective cost management strategies.
In terms of loan growth, Bank of Maharashtra stood strong, recording a notable 16.30% increase, aligning with its overall growth trajectory.
The bank maintained a healthy asset quality, reporting the lowest gross non-performing assets (NPAs) at 1.88% and net NPAs at 0.2%, highlighting its prudent risk management practices.
With a robust capital adequacy ratio of 17.38%, Bank of Maharashtra led the pack among PSU banks, ensuring its resilience and stability in the face of market fluctuations.
Bank of Maharashtra’s stellar performance in FY24 underscores its strategic vision, effective management, and resilience in navigating the complexities of the banking landscape, setting a benchmark for its peers in the PSU banking sector.
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