- BoM recorded a 13.45 percent increase in gross advances at Rs 1.07 lakh crore in FY21.
- Followed by BoM, Punjab & Sind Bank posted 8.39 percent growth in advances with aggregate loans at Rs 67,811 crore in FY21.
Key points over Financial Results of BoM in FY21:
i.Deposit mobilization: BoM was ahead of the country’s largest lender State Bank of India (SBI) in terms of deposit mobilization with nearly 16 percent growth, in turn, SBI recorded 13.56 percent.
- In absolute terms, SBI’s deposit base was 21 times higher than BoM at Rs 36.81 lakh crore as against Rs 1.74 lakh crore of BoM.
ii.CASA: In FY21, the Current Account Savings Account (CASA) of BoM increased by 24.47 percent, the highest among the PSU Banks. Thus CASA was 54 percent or Rs 93,945 crore of the total liability of the bank.
- The Central Bank of India got the second spot by recording 11.46 percent growth in CASA at Rs 1.61 lakh crore (Based on quarterly numbers).
iii.Its standalone net profit increased by 42 percent to Rs 550.25 crore in FY21 compared with a profit of Rs 388.58 crore in FY20.
iv.Asset quality: At the end of March 2021, the bank’s Gross Non-Performing Assets (NPAs) declined to 7.23 percent against 12.81 percent in March 2020. The Net NPA also declined to 2.48 percent (March 2021) against 4.77 percent (March 2020).
v.The bank’s gross bad loans in FY21 stood at Rs 7,779.68 crore, lower than Rs 12,152.15 crore of FY20.
vi.The total business of BoM has increased by 14.98 percent to Rs 2.81 lakh crore.
Recent Related News:
On February 18, 2021, the Bank of Maharashtra(BoM) in partnership with Vayana Network, India’s largest SupplyChain Financing (SCF) platform, launched its Mahabank Channel Financing Scheme, a Channel Financing solution for Micro, Small and Medium Enterprises(MSMEs).
About Bank of Maharashtra (BoM):
Establishment – Incorporated in 1935, Commenced Operations in 1936
Headquarters – Pune, Maharashtra
MD & CEO – A.S Rajeev
Tagline – One Family One Bank