Five banks post healthy growth in advances

Bank of Maharashtra, Federal Bank, CSB Bank, Karur Vysya Bank and Dhanlaxmi Bank have posted healthy year-on-year (yoy) growth in advances and deposits in the first quarter of FY24, going by their business updates.

Usually, the first quarter of a financial year is lean in terms of business for banks. But banks seem to be bucking this trend in FY24 in the wake of higher deposit rates and inflows of Rs. 2,000 bank notes, which are being withdrawn by RBI, and demand for loans from the retail and core sectors, among others.