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Federal Bank has doubled its net profit in the first quarter over the same period last year.
The bank, which announced its quarterly results on Wednesday, recorded a net profit of ₹220.23 crore, an increase of 108 per cent over last year’s profit of ₹105 crore.
The total deposits of the bank rose by 3.49 per cent at ₹61,815 crore, while advances grew by 3.63 per cent to ₹45,012 crore. Advances to the SME sector increased by 30 per cent. On a sequential basis, the gross NPA fell to ₹1,016 crore from ₹1,087 crore, and gross NPA as a percentage to gross advances fell to 2.22 per cent from 2.46 per cent. Net NPA came down to ₹304 crore from ₹322 crore.
The Bank added Rs 607.52 crore of CASA during the quarter, which was led by growth in Savings Bank deposits to the tune of Rs 561.39 crore. Advances grew by 3.63 per cent, from Rs 43,436 crore to Rs 45,012 crore.
Capital Adequacy Ratio (Basel III) at 15.16 per cent while Return on Equity increased to 12.54 per cent from 6.77 per cent.
The bank said it intends to further consolidate its business position and improve its reach and customer base. NRE deposits grew by 32 per cent to reach close to ₹20,000 crore.
The bank, which opened 29 branches and 33 ATMs in the first quarter of this financial year, now has 1,203 branches and 1,392 ATMs across the country. It launched its first-ever brand-centric campaign this quarter.
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