Federal Bank posts best Q-1 net interest income of Rs 1,296 cr

Mumbai, July 15, 2020 : Federal Bank - - registered the highest ever quarterly net interest income of Rs.1,296.44 Cr.

Announcing the results for the quarter ended 30th June 2020, the Bank said its operating profit grew by 19.11% to reach Rs. 932.38 Cr. It reported that its cost-to-income ratio at 47.76% is the best in last 25 quarters.

Shyam Srinivasan, Managing Director & CEO, Federal Bank said “We believe we have delivered a very healthy outcome in arguably the toughest operating conditions in well over 100 years. The Bank has been exemplar, braved all challenges and held fort all along and that is encouraging. The net NPA is down to 1.22% which is the lowest for the Bank in last 20 quarters. Cost to income has improved substantially and that augurs well for the Bank. Overall an encouraging quarter, given the challenging environment and truly motivates us to ensure sensible growth with abundant caution.”

The Total Business of the Bank reached Rs.2,76,234.7 Cr registering Y-o-Y growth of 12.95% as on 30th June 2020. Total Deposits reached Rs. 1,54,937.74 Cr registering Y-OY growth of 16.90%. Net advances grew by 8.27% Y-O-Y to reach Rs. 1,21,296.96 Cr.

The total savings Bank deposit registered a growth of 21.05% to reach Rs. 42,059 Cr while CASA Deposits stood at Rs. 49616 Cr registering Y-O-Y growth of 19%. CASA as a percentage to Total Deposits stood at 32.02% as on 30th June 2020.

The Bank’s NRE Deposits reached Rs. 60,273.83 Cr registering a Y-O-Y growth of 18.62%. NRE SB also grew handsomely to reach Rs. 17,411.67 Cr registering a Y-O-Y growth of 27.94%.

On the Asset side, Gold Loan registered a staggering growth of 36.19% Y-O-Y to reach Rs. 10243.00 Cr as on 30th June 2020. Retail advances grew by 15.58% to reach Rs.37908.25 Cr as on 30th June 2020.Business banking advances registered a Y-O-Y growth of 14.08% to reach Rs. 10512.29 Cr. Agri advances grew by 14.04% to reach Rs.13644.70 Cr.

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