Bank of Maharashtra tops PSU lender chart in terms of loan growth in FY22
The state-owned Bank of Maharashtra (BoM) has emerged as the top performer among public sector lenders in terms of percentage loan and deposit growth in 2021-22.
The Pune-based lender recorded a 26% increase in gross advances to Rs 1,35,240 crore at the end of March 2022, according to BoM data.
It was followed by State Bank of India and Union Bank of India with 10.27% and 9.66% growth respectively.
However, in absolute terms, SBI’s global loans were almost 18 times higher at Rs 24,06,761 crore while Union Bank of India was five times higher at Rs 6,99,269 crore compared to that of BoM at the end of the fourth quarter.
In terms of deposit growth, the BoM grew by 16.26% and mobilized Rs 2,02,294 crore at the end of March 2022.
Union Bank of India finished second with 11.99% growth in deposits (Rs 10,32,102 crore) while Indian Bank recorded a 10% increase to Rs 5,84,661 crore, according to the data released. .
BoM’s total business growth was also the highest at 20% at Rs 3,37,534 crore, followed by Union Bank of India at 11.04% at Rs 17,31,371 crore at the end of FY22.
In terms of RAM (Retail, Agriculture and MSME) segment, BoM recorded the highest growth rate of 18.65% at Rs 80,669 crore.
The bank’s gross NPAs nearly halved to 3.94% from 7.23% in March 2021, while net NPAs more than halved to 0.97% from 2.48% in March 2021. March 2021.
For the full year to March, the lender saw its net profit double to Rs 1,152 crore from FY21 to Rs 550 crore.
The BoM is looking for 25-30% growth in net profit in the current financial year, helped by healthy growth in net interest income (NII) and lower provisions for bad assets.
The NII increased by 23.42% on an annual basis to reach Rs 6,044 crore in FY 2022 from Rs 4,897 crore in FY 2021.
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