Federal Bank rides on retail biz

KOCHI: Federal Bank has registered an operating profit growth of 27.10% to reach Rs 959.31 Cr in Q4 FY20, as it reported a significant improvement in its asset quality with the gross NPA coming down by 8 bps and Net NPA by 17 bps on a YoY basis to 2.84% and 1.31% respectively.

Shyam Srinivasan, Managing Director & CEO, Federal Bank said: “To face any unfavorable situation that may arise due to the pandemic, we have increased the provisions substantially and strengthened the balance sheet. On the business front, the Bank has achieved robust growth in the retail segment with housing loans and gold loans growing handsomely.”

The bank reported material improvement in provision coverage ratio as it improves by 809 bps on a QoQ basis to 53.39%. The total business of the Bank registered a growth of 12.02% to reach Rs 2,76,443.30 Cr, deposits recorded a growth of 12.85% to reach Rs 1,52,290.08 Cr, retail advances and gold loans grew by  19.39% and 28.68% respectively. Its NRE deposits grew by 14.20 % to reach Rs 57,223.13 Cr

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