Bank of Maharashtra Sees 19% Credit Growth in Q1

State-owned Bank of Maharashtra reported a 19% growth in credit to Rs 2.09 lakh crore for the April-June quarter, with total deposits increasing by 9.44% to Rs 2.67 lakh crore. The Credit Deposit ratio also improved to 78.18%.

The state-owned Bank of Maharashtra (BoM) has recorded an impressive 19% growth in credit, bringing the figure to Rs 2.09 lakh crore for the April-June quarter. This marks a notable increase from Rs 1.75 lakh crore at the end of June 30, 2023, as per the regulatory filing.

Headquartered in Pune, the lender also saw total deposits grow by 9.44% to Rs 2.67 lakh crore, compared to Rs 2.44 lakh crore at the close of the first quarter of the previous fiscal year. However, the Current Accounts and Savings Accounts witnessed a marginal decline to 49.86% of the total deposits from 50.97%.

In a positive trend, the Credit Deposit ratio escalated to 78.18% at the end of June 30, 2024, from 71.89% in the corresponding period last year.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)