Bank of Maharashtra Records Robust Growth in Q1 FY 2024-25

State-owned Bank of Maharashtra (BoM) has posted impressive financial results for the first quarter of the fiscal year 2024-25, indicating a strong performance amidst challenging economic conditions. 

The Pune-based lender reported a significant 19% growth in its credit portfolio, reaching Rs 2.09 lakh crore as of June 30, 2024, up from Rs 1.75 lakh crore in the corresponding period last year, according to a regulatory filing. 

Total deposits also saw a notable rise, increasing by 9.44% to Rs 2.67 lakh crore compared to Rs 2.44 lakh crore in the first quarter of the previous financial year. 

BoM noted a slight decline in Current Accounts and Savings Accounts (CASA), which accounted for 49.86% of total deposits, down from 50.97% a year ago. 

The Credit Deposit ratio, a key indicator of a bank’s lending capacity, improved to 78.18% as of June 30, 2024, up from 71.89% in the same period last year, underscoring the bank’s efficient management of funds. 

Commenting on the results, BoM officials expressed satisfaction with the performance and emphasized their commitment to supporting economic growth through increased lending activities. 

The bank’s stock closed 2% higher following the announcement of these encouraging financial figures. Analysts have also welcomed the results, highlighting BoM’s prudent financial management and robust growth strategy in a competitive banking landscape.