GNPA and NNPA brought down to 2.11% and 0.60 % respectively.
FinTech BizNews Service
Mumbai, July 24, 2024: Federal Bank announced the Financial Results for the quarter ended 30th June 2024. The key highlights of the results on a Y-o-Y basis are as follows:
|
WORKING RESULTS AT A GLANCE (Rs.in Cr)
Particulars | Q1 | Q1 | % y-o-y growth |
| 2024-25 | 2023-24 | |
Net Profit | 1009.53 | 853.74 | é18.25% |
Total Income | 7246.06 | 5756.94 | é25.87% |
Operating Profit | 1500.91 | 1302.35 | é15.25% |
Net Interest Income | 2291.98 | 1918.59 | é19.46% |
Total Business | 486871.33 | 405982.91 | é19.92% |
Strong Growth – Resilient Balance Sheet Performance
Total Business of the Bank reached Rs. 486871.33 Cr registering a growth of 19.92 % as on 30th June 2024.
Total Deposits increased from Rs. 222495.50 Cr as on 30th June 2023 to Rs.266064.69 Cr as on 30th June 2024.
On the Asset side, Net advances increased from Rs 183487.41 Cr as on 30th June 2023 to Rs. 220806.64 Cr on 30th June 2024. Retail Advances grew by 19.75 % to reach Rs.70020.08 Cr. Business Banking advances grew by 20.45 % to reach Rs.18159.34 Cr. Commercial Banking grew by 23.71 % to Rs.22687 Cr. Corporate Advances registered a growth of 12.20 % to reach Rs.76588.62 Cr. The CV/ CE advances grew by 51.73 % to reach Rs 3728 Cr.
Highest Ever Operating Profit and Net Profit
The Bank registered Operating Profit of Rs.1500.91 Cr and Net Profit of Rs.1009.53 Cr for the quarter ended 30th June 2024. Operating profit recorded a growth of 15.25 % on a year-on-year basis.
Remarkable Income Parameters
Net Interest Income grew 19.46 % from Rs. 1918.59 Cr to Rs.2291.98 Cr as on 30th June 2024. Total income of the Bank grew 25.87 % to reach Rs.7246.06 Cr. Earnings per share (EPS) annualized is Rs 16.60.
Key Ratios
ROA & ROE of the Bank for the quarter stood at 1.27 % and 13.64 % respectively.
Robust Asset Quality
Gross NPA of the Bank as at the end of Q1 FY25 stood at Rs. 4738.35 Cr, which as a percentage to Gross Advances stood at 2.11 %. The Net NPA and Net NPA as a percentage to Net Advances as on 30th June 2024 stood at Rs. 1330.44 Cr and 0.60% respectively. Provision Coverage Ratio excluding Technical Write Off was 70.79 %
Net Worth & Capital Adequacy
Net worth of the Bank increased from Rs. 22247.75 Cr to Rs.30300.84 Cr, as on 30th June 2024. Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines stood at 15.57 % as at the end of the quarter.
Footprint
The Bank has 1518 banking outlets and 2041 ATMs and Cash Recyclers as on 30th June 2024.
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 30.06.2024 | As on 30.06.2023 | Growth (%) |
Total Deposits | 266064.69 | 222495.50 | é19.58 % |
Net Advances | 220806.64 | 183487.41 | é20.34 % |
CB Advances | 22687.00 | 18339.01 | é23.71 % |
Retail Advances | 70020.08 | 58472.85 | é19.75 % |
Corporate Advances | 76588.62 | 68261.62 | é12.20 % |
Business Banking Advances | 18159.34 | 15075.68 | é20.45 % |
Agri Advances | 30189.00 | 23278.76 | é29.68 % |
Capital |
|
|
|
Equity Capital | 489.53 | 423.60 |
|
Net Worth | 30300.84 | 22247.75 | é36.20 % |
Capital Adequacy (%) | 15.57 | 14.28 |
|
Tier I (%) | 14.17 | 12.54 |
|
Tier II (%) | 1.40 | 1.74 |
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