Federal Bank reported 18.4% growth in total deposits to Rs 2,52,583 crore as of March 2024 as compared with Rs 2,13,386 crore as of March 2023.
Federal Bank's CASA deposits stood at Rs 74,249 crore as of 31 March 2024, up 6.5% from Rs 69,741 crore as of 31 March 2023. CASA ratio reduced to 29.40% as of March 2024 as against 32.68% recorded in same period last year.The bank's customer deposits (total deposits excluding interbank deposits and certificates of deposit) aggregated to Rs 2,40,072 crore as of 31 March 2024, recording a growth of 18.8% YoY.
Certificate of deposit increased 10.2% to Rs 10,428 crore in Q4 FY24 as against Rs 9,461 crore posted in Q4 FY23. Interbank deposits rose 16.3% to Rs 2,083 crore as of 31 March 2024 over Rs 1,792 crore recorded in the same period a year ago.
The bank's gross advances grew by 19.9% to Rs 2,12,758 crore from Rs 1,77,377 crore as of 31 March 2023. As per internal classification, retail credit book increased by 25% and wholesale credit book grew 15%. Retail to Wholesale ratio is at 56:44 respectively.
Federal Bank operates through four segments: treasury, corporate or wholesale banking, retail banking and other banking operations. The bank has 1418 branches and 1960 ATMs/ recyclers as on 31 December 2023.
The private bank's standalone net profit jumped 25.28% to Rs 1,006.74 crore on 32.72% increase in total income to Rs 6,592.66 crore in Q3 FY24 over Q3 FY23.
Shares of Federal Bank rose 0.49% to end at Rs 154.65 on the BSE.
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