Bank of Maharashtra records 19% growth in credit for April-June quarter

State-owned Bank of Maharashtra (BoM) on Friday reported a 19 per cent growth in credit to Rs 2.09 lakh crore for the April-June quarter.

The outstanding credit was Rs 1.75 lakh crore at the end of June 30, 2023, BoM said in a regulatory filing.

The Pune-headquartered lender reported a 9.44 per cent increase in total deposits to Rs 2.67 lakh crore as against Rs 2.44 lakh crore at the end of the first quarter of the previous financial year.

During the quarter, it said, Current Accounts and Savings Accounts declined to 49.86 per cent of the total deposits as against 50.97 per cent.

 

The Credit Deposit ratio increased to 78.18 per cent at the end of June 30, 2024, as against 71.89 per cent in the year-ago period.

Meanwhile, the public sector bank said that its gross advances jumped 19.01% to Rs 2,09,065 crore as of 30 June 2024 as against Rs 1,75,676 crore as of 30 June 2023.

Sequentially, the gross advances rose 2.65% in the June quarter from Rs 2,03,664 crore as of 31 March 2024.

Bank of Maharashtra reported a 9.44% growth in total deposit to Rs 2,67,423 crore as of 30 June 2024 as against Rs 2,44,365 crore as of 31 June 2023 and 1.23% fall from Rs 2,70,747 crore as on 31 March 2024.

The bank's total business as on 30 June 2024 was at Rs 4,76,488 crore, registering a growth of 13.44% year on year (YoY) and 0.44% quarter on quarter (QoQ).

CASA deposits stood at Rs 1,33,341 crore as on 30 June 2024 (up 7.06% YoY and down 6.60% QoQ).