 "Federal Bank net profit up 18%")
Private sector lender Federal Bank has posted a 20 per cent year-on-year growth in advances at Rs 1.95 trillion in the quarter ended 30 September 2023 (Q2 FY24), according to a filing with the stock exchange.
The pace of loan growth for the private lender was higher than the 15.1 per cent year-on-year growth in advances of the banking system until 8 September 2023, according to Reserve Bank of India data.
Sequentially, Federal Bank's growth in loans was 5.02 per cent in Q2 FY24 compared to the quarter ended June 2023.
Referring to segmental performance, Federal Bank said that, as per internal classification, its retail credit book grew by 22 per cent year-on-year and its wholesale credit book grew by 17 per cent. The retail-to-wholesale ratio was at 55:45, respectively, in the total loan book.
Federal Bank, in a filing with the exchange, said its deposits grew 23 per cent year-on-year to reach Rs 2.32 trillion level at the end of September 2023, ahead of the pace of its loan growth on a year-on-year basis. Its pace of deposit mobilisation was also higher than the banking system's pace of 12.8 per cent year-on-year as of 8 September 2023.
Sequentially, the private bank's deposits grew by 4.66 per cent over outstanding deposits at the end of March 2023.
