Federal Bank records highest ever operating profit of Rs1135cr, gold loans rise 53.90% in Q1

The Total Business of the Bank reached Rs299158.36 cr registering yoy growth of 8.30% as on 30th June 2021.

Jul 26, 2021 04:07 IST India Infoline News Service

Federal Bank registered a net profit for the quarter ended June 2021 stood at Rs367.29cr. The Operating Profit of the Bank as on 30th June 2021 stood at Rs1135.18cr up from Rs932.38cr. Total Income reached Rs4005.86 cr as on 30th June 2021.

The stock ended at Rs87.25 up by Rs1.85 or 2.17% from its previous closing of Rs85.40 on the BSE.

The scrip opened at Rs85.50 and touched a high and low of Rs87.65 and Rs84.75 respectively.

Net Interest Income grew 9.41% on a yoy basis from Rs1296.44 cr to Rs1418.43 cr as on 30th June 2021. Other income grew by 33.13% to reach Rs650.15cr as compared to Rs488.37cr as on 30th June 2020. Net total income of the Bank grew 15.90% to reach Rs.2068.58cr.

The Total Business of the Bank reached Rs299158.36 cr registering yoy growth of 8.30% as on 30th June 2021. Total Deposits reached Rs. 169393.30 Cr registering Y-o-Y growth of 9.33%. Net advances grew by 6.98% Y-O-Y to reach Rs. 129765.06 Cr as on 30th June 2021.

The total Savings Bank deposit registered a growth of 18.71% to reach Rs. 49018.24 Cr as on 30th June 2021.

CASA Deposits of the Bank stood at Rs. 58958.79 Cr registering a Y-o-Y growth of 18.83%. NRE Deposits of the Bank reached Rs. 66018.73 Cr registering a Y-o-Y growth of 9.53% as on 30th June 2021. NRE SB grew to reach Rs. 20010.09 Cr registering a Y-o-Y growth of 14.92%.

Gross NPA of the Bank as at the end of the quarter stood at Rs. 4649.33 Cr, which as a percentage of Gross Advances comes to 3.50%. Net NPA as on 30th June 2021 stood at Rs.1593.24 Cr, and Net NPA as a percentage of Net Advances is at 1.23%. The Provision Coverage Ratio (including technical write-offs) was strengthened substantially and stood at 78.66%.

The Bank had 1272 branches and 1953 ATM/recyclers as on 30th June 2021.

On the Assets side, Gold Loan registered a growth of 53.90% Y-o-Y to reach Rs. 15764.00 Cr as on 30th June 2021. Retail advances grew by 15.15% to reach Rs.43599.03 Cr as on 30th June 2021. Commercial banking advances registered a Y-o-Y growth of 10.23% to reach Rs. 12865.20 Cr. Agri advances grew by 23.71% to reach Rs.16837.24 Cr.

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