Federal Bank Operating Profit Grows 20% to Reach Rs.698 Cr

Federal Bank announced the Unaudited Financial Results for the quarter ended 30^th September 2018. The key highlights of the results on a Y-o-Y basis are as follows:

• Total Business records a growth of 23.20%
• Total Advances increase by 25.53%
• Total Deposits grow by 21.57%
• Net profit at Rs.266.04Cr
• Housing loans record a magnificent growth of 34.74%
• NRE Deposits increase by 22.30%
• Retail Advances grow by 20.96%
• Wholesale Advances grow 29.47%

WORKING RESULTS AT A GLANCE

(Rs.in Crore)

Balance Sheet

The Total Business of the Bank registered a Y-o-Y growth of 23.38% to reach Rs.220482.68 Cr as on 30^thSeptember 2018, backed by a strong growth of 25.53% in gross advances. Total Advances grew from Rs.81496.54 Cr to Rs.102300.37 Cr. The Total Deposits increased from Rs. 97210.75 Crto Rs. 118182.41 Cr as on 30^th September 2018, registering a growth of 21.57%.

NRE Deposits of the Bank grew from Rs. 38255.82 Cr to Rs. 46787.05 Cr registering a growth of 22.30%. CASA Deposits clocked a growth of22.54% Y-o-Y to reach Rs.39456.88 Cr.

On the Asset side, wholesale advances grewby 29.47% from Rs.43016.00 Cr to Rs.55697.00 Cr. Retail Advances clocked a growth of 20.96% to reach Rs.27813.00 Cr.Business Banking Advances grew by 21.80% from Rs.7072.00 Cr to Rs.8614.00Cr as on 30^th September 2018. Housing Loan registered an impressive Y-o-Y growth of 34.74% from Rs.10080.22 Cr to Rs.13582.20 Cr. 

Operating Profit & Net Profit

The Bank registered an Operating Profit of Rs.697.60 Crand a Net Profit of Rs. 266.04Cr. for the quarter ended 30^thSeptember 2018.The Operating profit grows by 19.62% as compared to the corresponding quarter last year. The Operating Profit and Net Profit for the half year ended 30^th September 2018 stood at Rs. 1300.52 Cr and Rs.528.75 Cr respectively. 

Margins

The Bank earned a Net Interest Income of Rs.1022.47 Cr for the quarter ended 30^th September 2018. Net Interest Margin stood at 3.15% as on 30^th September 2018. 

Asset Quality

The Gross NPA of the Bank as at the end of Q2FY19 stood at Rs.3184.53Cr, which as a percentage to Gross Advances stood at 3.11%. The Net NPA and the Net NPA as a percentage to Net Advances as on 30^th September 2018 stood at Rs.1796.29Cr and 1.78% respectively. The Provision Coverage Ratio (including technical write-offs) is 63.37%. 

NET WORTH & CAPITAL ADEQUACY

The Net worthof the bank increased from Rs.11647.32Cr to Rs.12440.11Cr, as on 30^th September2018. The Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelinesstood at 13.29% as at the end of the quarter.

Footprint

The Bank has 1252 branches and 1683 ATMs as on 30^th September 2018.

Q2FY18 Vs Q2FY19

• Gross advances increases by 25.53% to reach Rs.102300.37 Cr
• NRE deposits grew by 22.30% from Rs.38255.82 Cr to Rs.46787.05 Cr
• Wholesale Advances increased by 29.47% from Rs.43016.00 Cr to Rs.55697.00 Cr
• CASA grew by 22.54% from Rs.32199.18 Cr to Rs.39456.88 Cr
• Savings deposits grew by 21.16% to reach 32900.58Cr
• Total Deposits increased by 21.57% from Rs.97210.75Cr to Rs.41 Cr
• Retail advances grows by 20.96% to reach Rs.27813.00 Cr
• Investments stood at Rs.28213.85 Cr
• Book Value per share increased from Rs.59.59to Rs.62.81 

MAJOR FINANCIAL INDICATORS (Standalone nos.)

(Rs. in Crore)

Corporate Comm India(CCI Newswire)