Bank of Maharashtra Witnesses Strong Credit Growth in Q2 FY24

State-owned Bank of Maharashtra (BoM) reported an 18.7% credit growth in Q2 FY24, reaching Rs 2.17 lakh crore. Total deposits increased by 15.4%, totaling Rs 2.76 lakh crore. Despite a slight decline in CASA ratio, the credit deposit ratio improved to 78.6% from the previous year.

State-owned Bank of Maharashtra (BoM) announced a significant credit growth of 18.7% in the second quarter of FY24, reaching Rs 2.17 lakh crore.

The bank revealed in a regulatory filing that its total advances hit Rs 1.83 lakh crore by September 30, 2023. Additionally, BoM noted a 15.4% rise in total deposits, amounting to Rs 2.76 lakh crore in comparison to the previous year's second quarter result of Rs 2.39 lakh crore.

Despite a marginal decline in the Current Account and Savings Account (CASA) ratio, standing at 49.2% from 50.7% the prior year, the credit deposit ratio experienced an upturn, settling at 78.6% from 76.5% by the end of September 2023.