Federal Bank on Friday posted a profit jump of 62.4 per cent at Rs 953.91 crore in the fiscal fourth quarter as against Rs 587.54 crore in the same quarter last year, beating analyst expectations. According to a CNBC TV 18 poll, it was expected to post a profit of Rs 823.9 crore. The private sector bank reported total income at Rs 5780.78 crore for the quarter, up 38.6 per cent from Rs 4170.55 crore in the same quarter of FY22. The bank’s provisions increased by 49.2 per cent on-year to Rs 125.26 crore. The Board of the bank also recommended the payment of final dividend at Re 1 per equity share of the face value of Rs 2 each (50 per cent) for the financial year 2022-23.
“This very strong performance is a testimony to the dedicated efforts of the team and the trust of our customers. It’s noteworthy that our market share gains across product categories is gathering momentum quarters,” said Shyam Srinivasan, Managing Director & CEO, Federal Bank. He added that the consistent performance exhibited throughout the year has yielded in net annual profits of Rs 3010.59 crore while maintaining benign asset quality across the segments. The total business of Federal Bank reached Rs 3,87,832.93 crore as on 31st March 2023 from Rs 3,26,628.92 crore as on 31st March 2022, registering a growth of 18.74 per cent. Federal Bank’s Net Interest Income (NII) was recorded at Rs 1909.29 crore, up 25.18 per cent from Rs 1525.21 crore in the fourth quarter of last year.
Federal Bank segment wise performance
Federal Bank posted treasury consolidated revenue for the quarter at Rs 715.29 crore, corporate & wholesale banking revenue stood at Rs 1537.67 crore, and retail banking revenue at Rs 3463.07 crore. Meanwhile, Credit Growth Gross Advances reached Rs 1,77,376.53 crore, up 20.14 per cent on-year. Agri Advances registered a growth of 21.46 per cent to reach Rs 23,355.00 crore from Rs 19,227.93 crore. Corporate Book registered a growth of 23.45 per cent YoY. Commercial Banking Advances registered a growth of 17.91 per cent to reach Rs 17,274.00 crore. Retail Advances registered a growth of 17.16 per cent to reach Rs 56076.86 crore. In terms of deposits growth, it reached Rs 2,13,386.04 crore in the fourth quarter of FY23, up 17.44 per cent from Rs 1,81,700.59 crore the previous year. The CASA deposits reached Rs 69740.98 crore in Q4FY23.
Federal Bank has 1355 branches, 1914 ATMs/ Recyclers as on 31st March 2023. The Bank also has its representative offices at Abu Dhabi and Dubai and an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City).