The Pune-headquartered lender recorded a 27.10 per cent growth in gross advances to Rs 1,40,561 crore at the end of June 2022, according to published quarterly data of public sector banks (PSBs).
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and advance growth by 16.43 per cent and 15.73 per cent respectively.
The country’s largest lender (SBI) stood at the fourth position with a growth of 13.66 per cent. However, in absolute terms, total loans were nearly 17 times higher at Rs 24,50,821 crore, while Bank of Baroda was nearly five times higher at Rs 6,95,493 crore than Bank of Baroda at the end of the first quarter.
With regard to deposit growth, BoM witnessed a growth of 12.35 per cent at the end of June 2022 and raised Rs 1,95,909 crore.
Deposits were second with a growth of 9.42 per cent (Rs 9,92,517 crore), followed by Bank of Baroda – up 8.51 per cent to Rs 9,09,095 crore.
During the June quarter, public sector banks posted higher profits on the back of a steady decline in bad loans, and this trend may have a positive impact on their balance sheets in the coming quarters.
As per an analysis of quarterly financial data published by public sector lenders, BoM and SBI were in the lowest quartile as far as gross non-performing assets (NPAs) and net NPAs are concerned.
Overall, all the 12 public sector banks reported a profit of around Rs 15,306 crore in the three months ended June, registering an annual growth of 9.2 per cent.
However, major public sector lenders – SBI and
– Recorded lower profit in June quarter.
During the April-June period of the previous financial year, state-owned banks reported a total profit of Rs 14,013 crore.
As per the analysis, the gross NPAs reported by BoM and SBI in the first quarter of the current financial year were 3.74 per cent and 3.91 per cent, respectively, of their total advances. The net NPAs of these banks declined to 0.88 per cent and 1 per cent, respectively, at the end of June.
The gross NPAs of other public sector lenders varied from 6.26 per cent to 14.90 per cent.
In the June quarter, Bank of Baroda’s gross NPAs stood at 6.26 per cent and for Central Bank of India it was 14.90 per cent, which is still under prompt corrective action (PCA) outline reserve Bank of India,