Bank of Maharashtra has posted the highest growth rate last fiscal in terms of total business and deposit mobilisation among public sector lenders.

The Pune-headquartered lender has reported a 15.94% rise in the total business (domestic) in FY24, followed by the country's largest lender State Bank of India (SBI) with 13.12% growth, according to published financial numbers of the public sector banks (PSBs).

However, SBI's total business (deposit and advances) was about 16.7 times higher at Rs 79,52,784 crore compared to Rs 4,74,411 crore of Bank of Maharashtra (BoM) in absolute terms.

Similarly, BoM continued to maintain its top spot in terms of growth in deposit mobilisation, with a 15.66% rise in FY24, reported PTI. It was followed by SBI (11.07%), Bank of India (11.05 %) and Canara Bank (10.98%).

Out of 12 public sector banks, only these four lenders could log a double-digit growth in deposits in the financial year 2023-24, PTI reported.

In terms of low-cost CASA deposits, Bank of Maharashtra continued to top the chart with 52.73%, followed by Central Bank of India with a 50.02% rise at the end of March 2024.

A higher level of current account and savings accounts helps banks to keep their cost of funds low.

With regard to loan growth, the Kolkata-based UCO Bank was a tad higher at 16.38%, followed by BoM at 16.30 %. SBI also reported 16.26% growth in advances in FY24.

Loan growth of remaining public sector banks was lower than 16% during the fiscal, PTI reported.

On the asset quality side, Bank of Maharashtra and SBI reported the lowest gross non-performing assets with 1.88% and 2.24%, respectively, as of 31 March 2024. In terms of net NPAs, BoM and Indian Bank reported the lowest numbers, with 0.2% and 0.43%, respectively.

In terms of capital adequacy ratio, Bank of Maharashtra was leading PSBs at 17.38%, followed by Indian Overseas Bank at 17.28% and Punjab & Sind Bank at 17.16% at the end of FY24.