In the quarter ended September, credit growth continued to outpace deposit growth in public sector banks. According to preliminary business statistics released by these banks, Bank of India, Union Bank of India and Indian Bank all reported credit growth of 10-14% year-on-year, while deposit growth remained at 8-10%. did.
Union Bank of India, the largest of the banks, released preliminary figures on October 7, with total advances for the quarter ending September 2024 at Rs 9.28 billion, up 10% year-on-year. announced that total deposits increased by 9% to Rs 12.42 billion. According to provisional figures released by the bank, agro-retail and MSME inroads rose 12% year-on-year to Rs 5.25 billion.
Chennai-based Indian Bank said deposits rose 8% to Rs 6.93 billion in the quarter ended September 2024, while advances rose 12% to Rs 5.51 billion. .
The Mumbai-based Bank of India said total advances as of end-September 2024 rose 14% year-on-year to Rs 6.21 billion, while deposits rose 10% to Rs 7.75 billion in the same period. .
