Federal Bank rises as Q3 total deposits jumps 15% YoY

Federal Bank gained 1.13% to Rs 139.20 after the bank said that its total deposits aggregated to Rs 2,01,425 crore as of 31 December 2022, registering a growth of 14.8% as compared with Rs 1,75,432 crore as of 31 December 2021.

The private lender's CASA deposits stood at Rs 67,540 crore, up 7.2% year on year from Rs 64,343 crore as of 31 December 2021. CASA ratio declined to 34.25% in Q3 FY23 as compared to 36.68% in Q3 FY22.

The bank's customer deposits (total deposits excluding interbank deposits and certificates of deposit) aggregated to Rs 68,984 crore in Q3 FY23, a growth of 12.8% over Rs 1,70,654 crore as of 31 December 2021.

Certificate of Deposit soared 110.4% to Rs 6,691 crore in Q3 FY23 as against Rs 3,180 crore posted in Q3 FY22. Interbank deposits surged 42.8% to Rs 2,283 crore as of 31 December 2022 over Rs 1,598 crore recorded in the same period a year ago.

The bank's gross advances grew by 19.1% to Rs 1,71,043 crore from Rs 1,43,638 crore as of 31 December 2021. As per internal classification, retail credit book grew by 19.1% and wholesale credit book grew by 19.0%. Retail to wholesale ratio was at 54:46.

Federal Bank operates through four segments: treasury, corporate or wholesale banking, retail banking and other banking operations. The bank has 1305 branches, 1876 ATMs/ Recyclers as on 30 September 2022.

The private bank posted a 52.89% rise in standalone net profit to Rs 703.71 crore in Q2 FY23 from Rs 460.26 crore in Q2 FY22. The bank's total income grew 19.62% to Rs 4,630.30 crore in Q2 FY23 compared with Rs 3,870.90 crore in Q2 FY22.

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