Bank of Maharashtra tops PSU lenders chart in terms of loan, saving deposit growth in Q2

State-owned Bank of Maharashtra (BoM) has emerged as the top performer among public sector lenders in terms of loan and savings deposit growth during the second quarter of the current financial year, as per quarterly results data.

The Pune-headquartered lender recorded an 11.46 per cent increase in gross advances at Rs 1,15,236 crore in the July-September period of 2021-22, according to the published data of BoM.

It was followed by Punjab & Sind Bank which posted 9.53 per cent growth in advances with aggregate loans at Rs 67,574 crore at the end of September 2021, as per data from the bank’s quarterly results.
In terms of RAM (retail, agriculture and MSME) segment, the bank registered a highest growth rate of 14.24 per cent at Rs 70,515 crore.

When it came to deposit mobilisation, BoM with a 14.47 per cent growth was a notch behind 

Punjab and Sind Bank

 NSE 0.28 %, while the country’s largest lender SBI recorded an 9.69 per cent rise.

However, in absolute terms, SBI’s deposit base was 20 times higher at Rs 36.90 lakh crore as against Rs. 1.81 lakh crore of BoM.

For the second quarter, BoM’s standalone net profit more than doubled to Rs 264 crore as against Rs 130 crore in the same period a year ago.

During the quarter, the bank had written off bad loans worth Rs 1,100 crore including Rs 550 crore exposure to two SREI finance companies after making full provisions. RBI has taken SREI Infrastructure Finance and Equipment leasing company to bankruptcy court for resolution.

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