Among public sector banks, Bank of Maharashtra had the highest growth rate in terms of overall business and deposit mobilization in FY24. In FY24, Bank of Maharashtra’s overall domestic business increased by 15.94%.
Whereas, India’s largest bank, State Bank of India (SBI) came next, with its overall business growing by 13.12%.
Bank Of Maharashtra Records Highest Growth Rate Among PSU Banks in 2024
In absolute terms, Bank of Maharashtra’s entire business was ₹4,74,411 crore, while SBI’s was ₹79,52,784 crore. With a 15.66% increase in deposit mobilization in FY24, Bank of Maharashtra remained in the lead.
Following with deposit growths of 11.07%, 11.05%, and 10.98%, respectively, were SBI, Bank of India, and Canara Bank. In FY24, just four public sector banks saw double-digit increase in deposits.
With a 52.73% increase, Bank of Maharashtra was the leader in low-cost CASA deposits.
After that, CASA deposits increased by 50.02% at the Central Bank of India. Banks can lower their cost of funds by having a higher level of CASA deposits.
UCO Bank Sees 16.38% Loan Growth
With 16.38% loan growth, UCO Bank led the way, followed by Bank of Maharashtra (16.30%). In FY24, SBI’s loan growth was 16.26%. The remaining public sector banks’ loan growth was less than 16 percent.
The banks with the lowest gross non-performing assets (NPAs) were SBI and Bank of Maharashtra, with 2.24% and 1.88%, respectively.
The banks with the lowest net NPAs were Indian Bank and Bank of Maharashtra, with 0.43% and 0.2%, respectively.
Additionally, at 17.38%, the Bank of Maharashtra had the highest capital adequacy ratio.
The next two banks with capital adequacy ratios of 17.28% and 17.16%, respectively, were Indian Overseas Bank and Punjab & Sind Bank.
