The Bank of Maharashtra, which is owned by the government, saw a big increase in profits during the 2022-2023 financial year. Their bottom-line grew by almost 126%, reaching Rs 2,602 crore. This bank is located in Pune and is the best-performing public sector bank in terms of loan and deposit growth. However, all 12 public sector banks together recorded a 57% jump in net profit for the same period, reaching Rs 1,04,649 crore.
The Bank of Maharashtra had the highest percentage increase in gross advances, with a 29.4% jump in loans at Rs 1,75,120 crore as of March 2023. Indian Overseas Bank and UCO Bank followed with 21.2% and 20.6% growth, respectively. In absolute terms, State Bank of India had almost 16 times more loans at Rs 27,76,802 crore.
The Bank of Maharashtra also saw an increase in deposits during this time. They had a 15.7% rise and mobilised Rs 2,34,083 crore at the end of March 2023.
