Bank of Moscow topped the chart of PSU banks in terms of loan volumes and growth in savings deposits in the first quarter

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State (BoM) became the leader among public sector lenders in terms of growth in loans and savings deposits during the first quarter of the current fiscal year.

According to published data from BoM, the Pune-based lender recorded a 14.46 percent increase in gross loans of Rs 1.1592 crore between April and June 2021-22.

It was followed by Punjab & Sind Bank, which reported a 10.13 percent increase in advances at the end of June 2021 with total loans of Rs 67,933.

When it came to mobilizing deposits, Bank of Moscow, with almost 14 percent growth, was one step below Punjab and Sind Bank, while the country’s largest lender, the State Bank of India, recorded 8.82 percent growth.

However, in absolute terms, SBI’s deposit base was 21 times higher at Rs 37.20 crore compared to Rs 1.74 crore BM.

The current account savings account (CASA) of the Bank of Moscow grew by 22% in the quarter, which is the highest indicator among public sector lenders.

As a result, CASA amounted to 53 percent, or Rs 92,491, of the bank’s total liabilities.

The total business volume of the Bank of Moscow increased by 14.17% to 2.85 million rupees by the end of June 2021.

BoM’s offline net profit more than doubled in the first quarter to Rs 208 crore, up from Rs 101 crore in the same period a year ago.

The bank’s asset quality improved significantly as gross problem loans or gross non-performing assets (NPA) fell to 6.35% of gross advances by the end of June 2021, up from 10.93% at the end of the first quarter of the previous fiscal year.

In absolute terms, the total bad loans stood at Rs 7,022 crores at the end of June 2021, down from Rs 10,558.53 crores recorded in the same period a year ago.

Net NPA fell by almost half to 2.22 percent (Rs 2,352.75) from 4.10 percent (Rs 3,677.39).

(Only the title and image of this report may have been revised by Business Standard staff; the rest of the content is generated automatically from the syndicated feed.)

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