homemarket Newsstocks NewsFederal Bank Q3 business updates: Total deposits grow 19%, advances rise 18%
Federal Bank Q3 business updates: Total deposits grow 19%, advances rise 18%
Federal Bank Q3 business updates: The bank's gross advances exhibited growth, reaching ₹2.02 lakh crore, marking an 18% year-on-year (YoY) growth.
Federal Bank shares dropped nearly 2.2% intraday on Tuesday, the day on which it released business update for the third quarter. As of December 31, 2023, the lender reported total deposits reaching ₹2.40 lakh crore, marking 19% surge from ₹2.01 lakh crore reported on December 31, 2022.
Customer deposits, excluding interbank deposits and certificates of deposit, soared to ₹2.27 lakh crore, reflecting 18% growth compared to ₹1.92 lakh crore recorded in December 2022.
The bank's gross advances exhibited growth, reaching ₹2.02 lakh crore, marking an 18% year-on-year (YoY) growth.
Internally classified, the retail credit book expanded by 20%, while the wholesale credit book grew by 17%, resulting in a retail-to-wholesale ratio of 55:45.
The Current Account Savings Account (CASA) witnessed an upward trajectory, reaching ₹73,388 crore by the end of December 31, 2023, Federal Bank said in a regulatory filing.
Meanwhile, certificates of deposit stood at ₹9,503 crore and interbank deposits at ₹2,624 crore, showcasing a rise of 42% and 15%, respectively, over the same period.
Despite the robust growth in deposits and advances, the CASA ratio, a vital measure of a bank's financial health, experienced a slight decline from 34.24% as of December 31, 2022, to 30.63% as of December 31, 2023.
At the time of writing this report, Federal Bank was trading 1.79% lower at ₹153.70 apiece on the Bombay Stock Exchange (BSE).
(Edited by : Amrita)
First Published: Jan 2, 2024 2:47 PM IST
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