PNB, BoM post double-digit loan growth in Q3

New Delhi: State-owned Punjab National Bank (PNB) on Tuesday said it has posted a 13.5 per cent growth in advances to Rs 9.72 lakh crore for the December quarter.

Total advances stood at Rs 8.56 lakh crore at the end of the third quarter of the last financial year, PNB said in a regulatory filing.

Another public sector lender Bank of Maharashtra (BoM) in a separate filing said it saw a 20.28 per cent increase in loan growth to Rs 1.88 lakh crore as against Rs 1.56 lakh crore in the third quarter of the previous fiscal.

The Pune-based lender recorded a 17.90 per cent improvement in deposit growth at Rs 2.45 lakh crore as compared to Rs 2.08 lakh crore at the end of December 2022.

At the same time PNB's deposits rose a tad lower at 9.4 per cent to Rs 13.23 lakh crore during the quarter from Rs 12.10 lakh crore in the year-ago period, it said.

As a result, the total business of the bank increased 11.1 per cent to Rs 22.95 lakh crore at the end of December 31, 2023, it added.