Money & Banking

Federal Bank Q3 net up 26.43%

V. Sajeev Kumar | Updated on January 15, 2018 Published on January 15, 2018

Federal Bank has posted a 26.43 per cent growth in net profit in the third quarter at Rs260.01 crore compared to the corresponding period of the previous fiscal. The operating profit increased by 18 per cent to reach Rs 561.40 crore as on December 31.

The total business grew 14.60 per cent from Rs 1,61,864.87 crore to Rs.1,85,490.17 crore. While total deposits reached Rs 1,00,537.10 crore from Rs92,235.65 crore, net advances grew 22.01 per cent to reach Rs 84,953.08 crore.

NRE deposits grew by 14.14 per cent to reach Rs 39,430.97 crore and CASA increased to Rs33,141.43 crore from Rs 31,972.97 crore.

On the asset side, wholesale advances registered a growth of 29.62 per cent to reach Rs34,364.26 crore. Agri advances registered a growth of 29.64 per cent to reach Rs 8771.37 crore, retail advances of 14 per cent to reach Rs24,293.12 crore. SME advances grew by 20.47 per cent to reach Rs18,493.38 crore compared to Rs 15,351.34 crore last year.

The bank earned a Net Interest Income of Rs 950 crore for the quarter. The Net Interest Margin stood at 3.33 per cent.

The gross NPA and Net NPA stood at Rs 2161.19 crore and Rs1156.68 crore respectively. Gross NPA as a percentage reduced to 2.52 per cent and net NPA as a percentage to net advances stood at 1.36 per cent. The Provision Coverage Ratio (including technical write-offs) is 70 per cent.

The net worth increased from Rs 8601.24 crore to Rs 11955.18 crore. The Capital Adequacy Ratio (CRAR) computed as per Basel III guidelines stood at 14.41 per cent as at the end of the quarter.

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Published on January 15, 2018
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