Mumbai, 16th January 2024: Federal Bank announced the Financial Results for the quarter ended 31st December 2023. The key highlights of the results on a Y-o-Y basis are as follows:
Total Business of the Bank reached Rs 438776.39 Cr
Net Profit highest ever @ Rs 1006.74 Cr, grew 25.28 %
Operating Profit @ Rs 1437.33 Cr
ROA for Q3 stood at 1.39% and ROE stood at 14.80 %
GNPA and NNPA at 2.29% and 0.64% respectively.
Total Deposits increased by 18.96 %
Total Net Advances increased by 18.44 %
Highest ever Net Interest Income at ₹ 2123.36 Cr, grew by 8.53 %
WORKING RESULTS AT A GLANCE (Rs.in Cr)
Particulars Q3 Q3 % y-o-y growth
2023-24 2022-23
Net Profit 1006.74
803.61 25.28%
Total Income 6592.66 4967.25 32.72%
Operating Profit 1437.33 1274.21 12.80%
Net Interest Income 2123.36 1956.53 8.53%
Total Business 438776.39 369581.25 18.72%
Strong Growth – Resilient Balance Sheet Performance
Total Business of the Bank reached Rs. 438776.39 Cr registering a growth of 18.72% as on 31st December 2023.
Total Deposits increased from Rs.201408.12 Cr as on 31st December 2022 to Rs.239591.16 Cr as on 31st December 2023.
On the Asset side, Net advances increased from Rs 168173.13 Cr as on 31st December 2022 to Rs. 199185.23 Cr on 31st December 2023. Retail Advances grew by 20.39 % to reach Rs.65041.08 Cr. Business Banking advances grew by 17.80 % to reach Rs.16679.75 Cr. Commercial Banking grew by 25.99% to Rs.20773.55 Cr. Corporate Advances registered a growth of 14.38 % to reach Rs.71978.41 Cr. The CV/ CE advances grew by 66.06 % to reach Rs 3057.00 Cr.
Highest Ever Net Profit
The Bank registered Operating Profit of Rs.1437.33 Cr and Net Profit of Rs.1006.74 Cr for the quarter ended 31st December 2023. Operating profit recorded a commendable growth of 12.80 % on a year-on-year basis.
Remarkable Income Parameters
Net Interest Income grew 8.53 % from Rs.1956.53 Cr to Rs.2123.36 Cr as on 31st December 2023. Total income of the Bank grew 32.72% to reach Rs.6592.66 Cr. Earnings per share (EPS) annualized is Rs 16.54.
Key Ratios
ROA & ROE of the Bank for the quarter stood at 1.39% and 14.80% respectively.
Robust Asset Quality
Gross NPA of the Bank as at the end of Q3 FY23 stood at Rs. 4628.79 Cr, which as a percentage to Gross Advances stood at 2.29%. The Net NPA and Net NPA as a percentage to Net Advances as on 31st December 2023 stood at Rs. 1284.37 Cr and 0.64% respectively. Provision Coverage Ratio excluding Technical Write Off was 71.08%.
Net Worth & Capital Adequacy
Net worth of the Bank increased from Rs.20456.75 Cr to Rs.28084.72 Cr, as on 31st December 2023. Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines stood at 15.02% as at the end of the quarter.
Footprint
The Bank has 1418 branches and 1960 ATMs/ Recyclers as on 31st December 2023.
Growing Brand Salience
An expanding distribution footprint across physical and digital assets is backed by amped up initiatives to increase the visibility for the brand. There is an active increase in salience across segments and geographies being pursued by Federal Bank.
MAJOR FINANCIAL INDICATORS (Standalone Nos) (Rs. in Cr)
Business Figures As on 31.12.2023 As on 31.12.2022 Growth (%)
Total Deposits 239591.16 201408.12 18.96%
Net Advances 199185.23 168173.13 18.44%
CB Advances 20773.55 16488.74 25.99%
Retail Advances 65041.08 54025.24 20.39%
Corporate Advances 71978.41 62929.38 14.38%
Business Banking Advances 16679.75 14159.87 17.80%
Agri Advances 26646.60 20991.14 26.94%
Capital
Equity Capital 486.68 422.91
Net Worth 28084.72 20456.75 37.29%
Capital Adequacy (%) 15.02 13.35
Tier I (%) 13.48 12.13
Tier II (%) 1.54 1.22
A presentation for investors is being placed separately on our Bank's website: https://www.federalbank.co.in/financial-result
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