Bank of Maharashtra has retained the top spot among public sector lenders in loan and deposit growth in percentage terms during the second quarter of the current financial year.

The state-owned bank reported an over 20% rise in deposit and advances, the highest by any public sector bank during the July-September period.

Loan Growth

With a growth rate of 23.55%, gross domestic advances of the bank rose to Rs 1,83,122 crore at the end of September 2023, according to published quarterly numbers of public sector banks (PSBs).

It was followed by Indian Overseas Bank with 20.29% growth, Central Bank of India with 17.26% growth and UCO Bank with 16.53% growth, news agency PTI reported.

The country's largest lender State Bank of India (SBI) stood at the seventh spot with 13.21% rise in domestic advances growth.

However, SBI's total loans were about 16 times higher at Rs 28,84,007 crore as compared to Rs 1,75,676 crore of Bank of Maharashtra in absolute terms.

Deposit Growth

On the deposit front, Bank of Maharashtra saw a growth of 22.18%  and mobilised Rs 2,39,298 crore at the end of September 2023.

Bank of Baroda was in second place with 12% growth in deposits (Rs 10,74,114 crore), while SBI recorded an 11.80% increase at Rs 45,03,340 crore, according to the published data.

Bank of Maharashtra retained the top position in terms of garnering low-cost Current Account and Savings Account (CASA) deposits at 50.71% followed by Central Bank of India at 49.93%, PTI reported.

Helped by high growth in loan and deposits, the bank's total business also recorded the highest growth of 22.77% at Rs 4,22,420 crore, followed by Bank of Baroda at 13.91% growth (Rs 19,08,837 crore) at the end of September 2023.

Bank of Maharashtra was the top performer among public sector banks in terms of deposit, advances and total business with growth of about 25% during the first quarter as well.