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Pune-based Bank of Maharashtra (BoM) has led the pack of public sector banks in India with a robust growth in deposits and advances during the second quarter of the current fiscal year. This follows its strong performance in Q1, where it posted about 25% growth.
In Q2, BoM’s gross domestic advances rose to Rs 1,83,122 crore ($24.6 billion), marking a significant growth rate of 23.55%. This impressive surge surpassed other public sector banks such as Indian Overseas Bank (20.29%), Central Bank of India (17.26%), and UCO Bank (16.53%).
Despite State Bank of India (SBI) having total loans approximately 16 times higher than BoM at Rs 28,84,007 crore ($387 billion), it only managed to secure the seventh rank with a rise of 13.21% in domestic advances.
Furthermore, BoM also saw its deposits surge by 22.18% to Rs 2,39,298 crore ($32.1 billion), leading in Current Account Savings Account (CASA) deposits at 50.71%. This was followed by Bank of Baroda which reported a 12% growth in deposits totaling Rs 10,74,114 crore ($144 billion). SBI reported an increase of 11.80% in deposits amounting to Rs 45,03,340 crore ($604 billion). Central Bank of India trailed BoM in CASA deposits.
The total business for BoM recorded the highest growth at 22.77%, amounting to Rs 4,22,420 crore ($56.7 billion). In comparison, Bank of Baroda’s total business followed at Rs 19,08,837 crore ($256 billion).
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