The Pune-headquartered lender reported an 11.46 per cent growth in gross advances to Rs 1,15,236 crore in the July-September period of 2021-22, according to BoM’s published data.
It was followed by Punjab and Sind Bank, which reported a growth of 9.53 per cent in advances with total loans of Rs 67,574 crore at the end of September 2021, according to the bank’s quarterly results data.
In terms of RAM (Retail, Agriculture and MSME) segment, the bank registered the highest growth rate of 14.24 per cent at Rs 70,515 crore.
When it came to raising deposits, BoM was a notch behind with a growth of 14.47 per cent
While the country’s largest lender SBI registered a rise of 9.69 percent.
However, overall, SBI’s deposit base was 20 times higher at Rs 36.90 lakh crore against BoM’s Rs 1.81 lakh crore.
BoM’s current account, savings account (CASA) grew by 22 per cent during the quarter, the highest among public sector lenders.
As a result, Casa accounted for 54 per cent of the bank’s total liabilities or Rs 97,889 crore.
BoM’s total business grew by 13.27 per cent to Rs 2.97 lakh crore at the end of September 2021.
For the second quarter, BoM’s standalone net profit more than doubled to Rs 264 crore as against Rs 130 crore in the same period a year ago.
During the quarter, the bank had written off bad loans of Rs 1,100 crore, including an exposure of Rs 550 crore to two credit finance After the companies made the full provision, the RBI took Srei Infrastructure Finance And Equipment Leasing company to bankruptcy court for resolution.
The bank’s asset quality improved significantly as gross bad loans or gross non-performing assets (NPAs) fell to 5.56 per cent of gross advances at the end of September 2021, as against 8.81 per cent at the end of the second quarter of the previous financial year. was the percentage. ,
Net NPAs almost halved to 1.73 per cent from 3.30 per cent at the end of the second quarter of the previous fiscal, while the provision coverage ratio stood at 92.38 per cent as against 87.15 per cent.