REGISTERING STRONG GROWTH AND ROBUST ASSET QUALITY
Federal Bank announced the Financial Results for the quarter ended 30 th September 2023. The key highlights of the results on a Y-o-Y basis are as follows:
Total Business of the Bank reached Rs 425685.12 Cr
Net Profit highest ever @ Rs 953.82 Cr, grew 35.54 %
Operating Profit highest ever @ Rs 1324.45 Cr
ROA for Q2 stood at 1.36% and ROE stood at 15.72%
GNPA and NNPA brought down to 2.26% and 0.64% respectively.
Total Deposits increased by 23.12%
Total Net Advances increased by 19.58%
Highest ever Net Interest Income at ₹ 2056.42 Cr, grew by 16.72%
WORKING RESULTS AT A GLANCE
Particulars Q2 Q2 % y-o-y growth
Net Profit 953.82 703.71 35.54%
Total Income 6185.70 4630.30 33.59%
Operating Profit 1324.45 1212.24 9.26%
Net Interest Income 2056.42 1761.83 16.72%
Total Business 425685.12 350386.03 21.49%
Strong Growth – Resilient Balance Sheet Performance
Total Business of the Bank reached Rs. 425685.12Cr registering a growth of 21.49% as on 30th
Total Deposits increased from Rs. 189145.71 Cr as on 30th September 2022 to Rs. 232868.43 Cr as on 30th September 2023.
On the Asset side, Net advances increased from Rs 161240.32 Cr as on 30th September 2022 to Rs. 192816.69 Cr on 30th September 2023. Retail Advances grew by 18.05% to reach Rs. 62009.00 Cr. Business Banking advances grew by 18.16% to reach Rs. 15997.14 Cr. Commercial Banking grew by 23.82% to Rs. 19729.00 Cr. Corporate Advances registered a growth of 14.91% to reach Rs. 68058.63 Cr from Rs. 59228.42 Cr. The CV/ CE advances grew by 66.50% to reach Rs 2734.00 Cr.
Highest Ever Operating Profit & Net Profit Growth
The Bank registered Operating Profit of Rs. 1324.45 Cr and Net Profit of Rs. 953.82 Cr for the quarter ended 30th September 2023. Operating profit recorded a commendable growth of 9.26% on a year-on-year basis.
Remarkable Income Parameters
Net Interest Income grew 16.72 % from Rs. 1761.83 Cr to Rs. 2056.42 Cr as on 30th September 2023. Total income of the Bank grew 33.59% to reach Rs. 6185.70 Cr. Earnings per share (EPS) annualized is Rs 16.57.
ROA & ROE of the Bank for the quarter stood at 1.36% and 15.72% respectively.
Robust Asset Quality
Gross NPA of the Bank as at the end of Q2 FY23 stood at Rs. 4436.05 Cr, which as a percentage to Gross Advances stood at 2.26%. The Net NPA and Net NPA as a percentage to Net Advances as on 30th September 2023 stood at Rs. 1229.81 Cr and 0.64% respectively. Provision Coverage Ratio excluding Technical Write Off was 71.03%.
Net Worth & Capital Adequacy
Net worth of the Bank increased from Rs. 19617.82 Cr to Rs. 26032.07 Cr, as on 30th September 2023. Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines stood at 15.50% as at the end of the quarter.
The Bank has 1389 branches and 1935 ATMs/ Recyclers as on 30th September 2023.
MAJOR FINANCIAL INDICATORS (Standalone Nos)
(Rs. in Cr)
Business Figures As on 30.09.2023 As on 30.09.2022 Growth (%)
Total Deposits 232868.43 189145.71 23.12%
Net Advances 192816.69 161240.32 19.58%
CB Advances 19729.00 15934.04 23.82%
Retail Advances 62009.00 52527.68 18.05%
Business Banking Advances 15997.14 13538.86 18.16%
Agri Advances 25115.00 20325.84 23.56%
Equity Capital 470.32 421.91
Net Worth 26032.07 19617.82 32.70%
Capital Adequacy (%) 15.50 13.84
Tier I (%) 13.79 12.62
Tier II (%) 1.71 1.22