Page 3 - Federal Bank

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Federal Bank's arm Fedfina, Ireda get nod from Sebi to float IPOs

Four firms -- Fedbank Financial Services, Indian Renewable Energy Development Agency, EPACK Durable and Suraj Estate Developers -- have received capital markets regulator Sebi's approval to raise funds through initial public offerings (IPO). These companies, which filed preliminary IPO papers with Sebi between July and September, obtained the watchdog's observation letters between October 30 and November 10, an update with the regulator showed on Monday. In Sebi's parlance, its observations mean its nod to float the IPO. Going by the draft papers, the IPO of Fedbank Financial Services Ltd (Fedfina) consists of a fresh issue of equity shares aggregating up to Rs 750 crore and an offer for sale (OFS) of 7.03 crore equity shares by promoter Federal Bank and existing shareholder True North Fund VI LLP. Under the OFS, Federal Bank will offload 1.65 crore shares, and True North Fund VI LLP will divest 5.38 crore shares. Fedfina proposes to utilise the net proceeds from the fresh issue .

RBI slaps penalty on PNB, Federal Bank, 2 other entities for non-compliance

The Reserve Bank on Friday said it has imposed a Rs 72 lakh penalty on state-owned Punjab National Bank and a Rs 30 lakh penalty on private sector Federal Bank for non-compliance with certain regulatory norms. It has also imposed a penalty of Rs 10 lakh on Mercedes-Benz Financial Services India Private Ltd (formerly known as Daimler Financial Services India Private Ltd) for non-compliance with certain provisions of the Know Your Customer (KYC) Direction, 2016. The penalty on Punjab National Bank has been imposed for non-compliance with certain provisions related to 'interest rate on advances' and 'customer service in banks', Reserve Bank of India (RBI) said in a release. Federal Bank has been penalised for contravention of certain provisions of KYC norms, the central bank said in another release. The RBI also said a monetary penalty of Rs 13.38 lakh has been imposed on Kosamattam Finance Ltd, Kottayam, for non-compliance with certain provisions of the 'Non-Banking Financial Company

Federal Bank reported its highest-ever quarterly net profit in Q2 FY24

The bank's NII grew 16.72 per cent to Rs 2,056.42 crore, up from Rs 1,761.83 crore in the same quarter of the previous financial year

Federal Bank Q2 results: Standalone net profits up 35% YoY, NPAs down 2.26%

The bank's Net Interest Income (NII) stood at Rs 2,056.4 crore, up by 16.7 per cent Y-o-Y

Federal Bank's standalone net profit rises 36% to Rs 954 crore in Q2

Private sector lender Federal Bank on Monday reported a 35.54 per cent jump in standalone net profit for the second quarter of this fiscal at Rs 953.82 crore, helped by rise in net interest income. The south-based lender had posted a net profit of Rs 703.71 crore in the year-ago period. Total income of the bank during the July-September quarter of 2023-24, rose to Rs 6,185.70 crore from Rs 4,630.30 crore in the same period of the previous year, Federal Bank said in a regulatory filing. The net interest income of the bank registered a growth of 17 per cent to Rs 2,056.42 crore, as compared to Rs 1,761.83 crore in the same period a year ago. On the asset quality front, the lender reported an improvement as the gross non-performing assets (NPAs or bad loans) fell to 2.26 per cent of the gross advances as of end-September 2023, from 2.46 per cent by end of second quarter of previous financial year. The net NPAs fell to 0.64 per cent in the quarter under review, from 0.78 per cent in t

Federal Bank to stop funding for thermal power projects by 2030: Official

Federal Bank, the largest and the oldest private sector lender in Kerala, will completely stop funding for thermal power projects by 2030, according to a senior bank official. As a first step towards its de-carbonisation initiative, the Kochi-headquartered bank will halve its exposure to the thermal power sector by 2025. The bank's green power sector exposure is Rs 5,083 crore across seven to eight projects, mostly solar and wind areas. "We have internally set a target of completely stopping funding thermal power projects/traditional energy sector by 2030. As a first step towards achieving our decarbonisation efforts, we will be halving our exposure to this polluting sector by 2025," Ashutosh Khajuria, the chief mentor at the bank, told PTI here. Currently, the bank's green loan book is Rs 5,083 crore and the sanctioned book of Rs 7,490 crore. "We see our green book crossing Rs 13,000 crore by 2025," Khajuria, who retired recently as an executive director of the bank, said. On the

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Federal Bank advances up 20% to Rs 1.95 trillion in September quarter

The pace of loan growth for the private lender was higher than the 15.1% y-o-y growth in advances of the banking system until 8 September 2023, according to RBI data

IFC gets approval from RBI to raise stake in Federal Bank to 9.7%

IFC currently holds a 1.34 per cent stake in the bank

RBI allows HDFC AMC's stake acquisition in DCB Bank, Karur Vysya, 2 others

Federal Bank, Karur Vysya have to ensure that acquisition does not exceed 9.5% of their paid-up share capital

Shareholders thwart Kerala-based Federal Bank's ESOP extension plan

Not enough takers for plans to extend schemes for associate firms, subsidiaries

IFC's stake will go up to 7.3% post infusion: Federal Bank's Srinivasan

"We have seen reasonably good growth and the outlook for growth remains quite constructive and positive. Now we must raise capital for funding the next wave of growth," said Shyam Srinivasan

Federal Bank raises Rs 3,099 cr via QIP route to fund business growth

Private sector lender Federal Bank on Tuesday said it has raised Rs 3,099 crore through qualified institutional placement route to fund business growth. The board approved the allotment of 23.04 crore shares with a face value Rs 2 each to eligible qualified institutional buyers at an issue price of Rs 131.90 per unit, including a premium of Rs 129.90 per share, reflecting a discount of Rs 0.69 (0.52 per cent) on the floor price of Rs 132.59, Federal Bank said in a regulatory filing. Last week, the board had fixed a floor price of Rs 132.59 per equity share for the Qualified Institutional Placement (QIP). Following the allotment of shares, the paid-up equity share capital of the bank stands increased from Rs 4,23,63,28,436 crore comprising 2,11,81,64,218 shares to Rs 4,697,283,704 crore, consisting of 2,348,641,852 shares, it said. The bank had posted a 42 per cent rise in net profit at Rs 1,147 crore for the June quarter, as against Rs 807 crore in the year-ago period. The total

Federal Bank raises Rs 959 cr from IFC via preferential issue of shares

The shares were issued at a price of 131.91 per share and were approved by the board on Friday, the bank said in a notification to exchanges

Federal Bank fixes floor price of Rs 132.59 per equity share for QIP

Private sector lender Federal Bank on Wednesday said the board has a fixed floor price of Rs 132.59 per equity share for its proposed Qualified Institutional Placement (QIP). Pursuant to regulation, the bank may at its discretion offer a discount of not more than 5 per cent on the floor price calculated for the issue, Federal Bank said in a regulatory filing. The bank had posted a 42 per cent rise in net profit at Rs 1,147 crore for the June quarter as against Rs 807 crore in the year-ago period. Total income in the first quarter of the current fiscal rose to Rs 5,757 crore from Rs 4,081 crore in the same period a year ago.

Federal Bank board to consider fundraising via issue of preference shares

Lenders plans issuing 72.6 mn such shares to International Finance Corporation

Federal Bank Q1 profit up 39% to Rs 880 cr; Fedfina reconsidering IPO plan

Federal Bank on Thursday reported 38.77 per cent jump in June quarter consolidated net profit at Rs 880.12 crore, and guided towards growing its loan book by up to 18 per cent in FY24. The private sector lender's profit in the year-ago period was Rs 634.22 crore, while the same for the preceding March quarter was Rs 953.91 crore. On a standalone basis, Federal Bank reported 29 per cent rise in net profit at Rs 854 crore. Its core net interest income on consolidated basis increased 19.57 per cent to Rs 1,918.59 crore during the quarter on the back of a 21 per cent growth in advances and a 0.07 per cent narrowing in the net interest margin at 3.15 per cent. Its other income came at Rs 732 crore as against Rs 453 crore in the year-ago period, with the core fee income growing to Rs 535 crore from Rs 441 crore. Bank's chief executive and managing director Shyam Srinivasan told reporters that NIMs have been on a downward trajectory because of the rate hikes by RBI, and exuded confidenc

Federal Bank Q1 results: Net profit rises 42% to Rs 854 crore, NII up 20%

The bank is reportedly looking to raise around Rs 4,000 crore in 2023-24