Federal Bank announced Financial Results for the quarter and half year ended 30th September 2022. Highlights of the results on a Y-o-Y basis are as follows:
Balance Sheet
As of September 30, 2022, the bank’s total business had reached Rs. 350386.03 Cr, representing a 14.36% increase.
Total deposits increased from Rs. 171994.74 Cr on September 30, 2021 to Rs. 189145.71 Cr on September 30, 2022. CASA Deposits increased by 10.74% to Rs. 68873.27 Cr.
Total Advances increased from Rs 137313.37 Cr on September 30th, 2021 to Rs 163957.84 Cr on September 30th, 2022.
Retail advances increased by 18.38% to Rs. 52438.89 Cr. Agri advances reached Rs.21090.70 Cr, representing a 17.96% increase. Business banking advances increased by 17.20% to Rs. 13617.35 crore.
Commercial banking revenue increased by 18.61% to Rs. 16240.00 Cr. Corporate Advances increased by 20.70% to reach Rs.58928.90 Cr from Rs. 48822.63 Cr.
Operating Profit & Net Profit
The bank’s gross NPA stood at Rs. 4031.06 Cr at the end of Q2 FY23, representing 2.46% of gross advances.
As of September 30, 2022, the Net NPA and Net NPA as a percentage of Net Advances were Rs. 1262.35 Cr and 0.78%, respectively.
The provision coverage ratio was 82.76% (including technical write-offs). The credit cost for the quarter was 0.53%.
Income & Margins
Net Interest Income increased by 19.09% to Rs. 1761.83 Cr for the quarter ended 30th September 2022, from Rs. 1479.42 Cr for the quarter ended 30th September 2021.
The bank’s other income increased by 23.97% to Rs. 609.52 Cr from Rs. 491.65 Cr in the quarter ended 30th September 2021.
The net interest margin grew by 10 basis points to 3.30%.
Asset Quality
The bank’s gross NPA stood at Rs. 4031.06 Cr at the end of Q2 FY23, representing 2.46% of gross advances.
As of September 30, 2022, the Net NPA and Net NPA as a percentage of Net Advances were Rs. 1262.35 Cr and 0.78%, respectively.
The provision coverage ratio was 82.76% (including technical write-offs). The credit cost for the quarter was 0.53%.
NET WORTH & CAPITAL ADEQUACY
The bank’s net value increased from Rs. 17551.94 Cr to Rs. 19617.82 Cr as of September 30, 2022. The bank’s capital adequacy ratio (CRAR), calculated in accordance with Basel III criteria, was 13.84% at the end of the quarter.
Footprint
The Bank has 1305 branches and 1876 ATMs/Recyclers as on 30th September 2022.
Q2FY22 Vs Q2FY23
- Retail advances increased by 18.38% to Rs. 52438.89 Cr.
- Agri advances reached Rs. 21090.70 Cr, representing a 17.96% increase.
- Business Banking Advances increased by 17.20% to Rs. 13617.35 Cr.
- Commercial Banking Advances increased by 18.61% to 16240.00 Cr.
- Corporate Advances increased by 20.70% to Rs. 58928.90 crore.
- Total deposits rose 9.97% from Rs. 171994.74 Cr to Rs. 189145.71 Cr.
- CASA Deposits increased by 10.74% to Rs. 68873.27 Cr.
- CASA represented 36.41% of total deposits.
