Banking Daily News: 14th AUG 2023

Maharashtra Bank's Stellar Q1 Growth

Bank of Maharashtra (BoM) leads public sector banks with impressive growth in Q1 FY24, recording nearly a 25% rise in both deposits and advances. The bank's total business surged by 24.84% to ?420,041 crore, and it led in Retail-Agriculture-MSME (RAM) loans with 25.44% growth. Low-cost CASA deposits also witnessed a remarkable 50.97% growth. BoM's performance outshone other major lenders like Bank of Baroda and State Bank of India.

Key Facts:

• BoM leads with 24.98% growth in gross domestic advances.
• Retail-Agriculture-MSME (RAM) loans grow by 25.44%.
• Low-cost CASA deposits skyrocket with 50.97% growth.
• Total business up by 24.84% to ?420,041 crore.
• BoM outperforms Bank of Baroda and State Bank of India in deposits growth.

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