This bank emerges as top performer among public sector lenders in terms of loans, savings deposit growth

State-owned Bank of Maharashtra (BoM) has emerged as the top performer among public sector lenders in terms of loans and savings deposit growth during the third quarter of the current financial year, according to an analysis.

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The Pune-headquartered lender recorded a 22.9 per cent increase in gross advances at Rs 1,29,006 crore in the October-December period of 2021-22, as per the data published by the bank.

An analysis of data disclosed by various lenders for the third quarter showed that BoM was followed by Canara Bank which posted a 9.28 per cent growth in total advances with aggregate loans at Rs 7,29,506 crore.

In terms of (Retail, Agriculture and MSME) segment, BoM registered a highest growth rate of 18.06 per cent at Rs 75,927 crore.

When it came to savings deposit mobilisation, BoM recorded an 18.33 per cent growth at Rs 80,815 crore. It was followed by Bank of Baroda that reported a 12.36 per cent rise at Rs 3,22,909 crore and State Bank of India. The latter posted an increase of 10.30 per cent.

However, in absolute terms, SBI's savings deposit base was 18 times higher at Rs 14,73,506 crore as against BoM's Rs 80,815 crore.

In terms of asset quality improvement, gross Non-Performing Assets (NPAs) of BoM was at 4.73 per cent of the total advances, second best after SBI at 4.5 per cent, during the December quarter.

With regard to net NPA, BoM was better at 1.24 per cent while that of SBI was 1.34 per cent during the quarter under review.

Total business of BoM increased 18.27 per cent to touch Rs 3,15,620 crore at the end of December last year.

For the third quarter ended December, BoM's standalone net profit more than doubled to Rs 325 crore as against Rs 154 crore in the same period a year ago. Its total income climbed to Rs 3,893 crore from Rs 3,582 crore in the year-ago period.

The Net Interest Income (NII) grew 17 per cent to Rs 1,527 crore during the quarter under review. The same was at Rs 1,306 crore for the third quarter of the previous fiscal.