|The Kochi based private lender, Federal Bank has announced its financial results for the first quarter of the fiscal. The bank has clocked Rs. 190.35 crore in net profit, nearly 30% higher than previous year.
Bank generated a total business worth Rs. 88,601 crore up 18.28% on yearly basis. Deposits grew by 17.75%. Bank made an operating profit of Rs. 346.51 crore.
Retail deposits increased by 31.36% to Rs. 43,376.46 crore, while the low cost current account savings account (CASA) grew by about 25% to Rs. 14,334.88 crore.
The bank had a Basel II Capital Adequacy Ratio of 15.45%, which is much above the minimum 9% mandated by the Reserve Bank of India.
Major chunk of growth in loan book came from Retail loans and SME segment, which contributed to 55.74% of the total advances. Out of which, Gold loans more than doubled and grew by 113% , while loans to priority sector (agriculture) grew by nearly 9.5%. Overall bank registered a credit growth of 18.99%.
Federal Bank plans to inaugurate its 1000th branch mid of August at Thiruvalla, Kerala.