Bank of Maharashtra (BoM) emerged as the top performer among Public Sector Banks (PSBs) in terms of business growth during the Fiscal Year 2023-24 (FY24), according to published financial numbers of the public sector banks (PSBs). BoM recorded a remarkable 15.94% rise in total business (domestic) in FY24.
- State Bank of India (SBI) followed closely with a growth rate of 13.12%.
- SBI’s total business (deposit and advances) stood significantly higher at Rs 79,52,784 crore (about 16.7 times) compared to BoM’s Rs 4,74,411 crore.
Key Points:
Deposit Mobilization:
i.BoM maintained its top spot in deposit mobilization growth, with a 15.66% rise in FY24.
- SBI, Bank of India, and Canara Bank also achieved double-digit growth in deposits, at 11.07%, 11.05%, and 10.98%, respectively.
ii.Only these four PSBs managed to achieve double-digit growth in deposits during FY24.
Current Account Savings Account (CASA) Deposits:
i.BoM continued to excel in low-cost CASA deposits, boasting a 52.73% growth rate.
ii.Central Bank of India followed closely with a 50.02% rise in CASA deposits by March 2024.
Loan Growth:
i.UCO Bank led in loan growth with a 16.38% increase, followed closely by BoM at 16.30% and SBI at 16.26%.
ii.Other PSBs reported loan growth rates lower than 16% during FY24.
Asset Quality:
i.BoM and SBI reported the lowest gross Non-Performing Assets (NPAs) at 1.88% and 2.24%, respectively, as of March 31, 2024.
ii.BoM and Indian Bank reported the lowest net NPAs, with 0.2% and 0.43%, respectively.
Capital Adequacy Ratio (CAR):
i.BoM led among PSBs in terms of CAR, standing at 17.38% by the end of FY24.
ii.Indian Overseas Bank and Punjab & Sind Bank followed closely with CARs of 17.28% and 17.16%, respectively.
SBI FY24 net profit rises 21.59% YoY to Rs 61,077 crore
State Bank of India (SBI), the largest state-owned lender in India, announced its Q4FY24 results, showcasing robust performance with a net profit of Rs 20,698.35 crore, up 24% from Q4FY23.
- For the entire financial year, net profit was Rs 61,077 crore, up 21.59% year-on-year (YoY), after accounting for a wage settlement and a one-time exceptional item of Rs 7,100 crore.
Key Points:
i.Its Net Interest Income (NII) rose marginally by 3.1% YoY to Rs 41,656 crore.
ii.Notably, the bank’s asset quality improved, with Gross NPA decreasing by 2.9% and Net NPA by 6.1% QoQ (Quarter-on-Quarter).
iii.SBI’s operating profit surged by 16.7% YoY to Rs 28,747 crore for the March quarter and grew by 12.05% for the fiscal year.
Recent Related News:
i.SBI in collaboration with Boston, United States of America (USA) based Flywire Corporation, a global payments enablement and software company, aims to simplify cross-border education payments for Indian students pursuing studies abroad.
ii.Life Insurance Corporation of India (LIC) has increased its paid-up share in SBI Cards & Payments Services Limited to 5.02% from 4.99%.
About State Bank of India (SBI):
Chairperson – Dinesh Kumar Khara
Headquarters – Mumbai, Maharashtra
Establishment– 1955
Tagline– The Banker to Every Indian
