Federal Bank Wraps Up FY 24 With 24% Rise in Profit, highest NII, Maintains Robust Asset Quality
- Total Business of the Bank reached Rs 4,61,937.36 Cr.
- Highest Ever NII, up by 14.97% to ₹ 2195.11 Cr.
- Net Profit at Rs.906.30 Cr.
- Operating Profit at Rs.1,110.35 Cr
- ROA for Q4 stood at 1.22 % and ROE stood at 12.75 %.
- GNPA and NNPA at 2.13% and 0.60% respectively.
- Total Deposits increased by 18.35 %.
- Total Net Advances increased by 20.04 %.
Particulars
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Results
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||
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31-03-2024
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31-03-2023
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Growth %
|
Total Income
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6732.23
|
5454.60
|
é23.42%
|
Net Interest Income
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2195.11
|
1909.29
|
é14.97%
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Total Business
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461937.36
|
387832.93
|
é19.11%
|
Net Advance
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209403.34
|
174446.89
|
é20.04%
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- Recognized as the ‘Bank of the Year 2023’ in India instituted by ‘The Banker’.
- ‘Finnoviti Award’ instituted by Banking Frontiers for ‘Fed-E-Studio’, the self-service Banking kiosk for customers.
- Recognized as ‘ESG Champions of India 2024’ in the Commercial Banks sector at the Dun & Bradstreet ESG Leadership Summit 2024.
- Ranked in the list of ‘Future-ready Workplaces’2024 by Fortune India and CIEL HR
- Won the HR award for Future of Work, Workforce and Workplace (Large Segment) at the People Pioneers Awards 2024, instituted by TechCircle.
- Honored with the Amity Banking Excellence for Sustainable Banking.
- Recognized as the Best AI & ML Bank, Runner-up in Digital Engagement and received a special mention for driving Financial Inclusion.
- Emerged winner in the ‘Best Bank in Fintech Initiative’ by BT Best Bank Awards
- Won the KMA CSR Award in the Environment Sector at the KMA Sustainability Summit
- 1st Runner-Up in the Diversity & Inclusion Excellence Award in the category “Best Employer for Women” (In Large Category) from The Associated Chambers of Commerce and Industry Of India (ASSOCHAM).
- Executed first digital cross border trade transaction, i.e. Bill of Lading, through blockchain. India’s First-Ever Single Bank Digital Export Collection Bill Transaction in partnership with Wave BL. By transitioning to a digital solution, the Bank has reduced the lead time from up to a week to just 3 hours for its clients with the complete elimination of reams of paper.
- Entered into Strategic partnership with Fintech Marketplace to provide leads for MSME clients.
- Tied up with MAGNET (Maharashtra Agribusiness Network) project for funding VCOs/FPOs who are engaged in the selected horticulture crops for post-harvest management and value chain development.
- Issuing electronic BG directly to beneficiary
- WhatsApp Banking including end-to-end lending solution.
- AI- based Virtual assistant for contact center that automates customer calls using AI for enquiries.
- 75 new outlets across the country during Q4 taking the total tally for the FY to 141, thereby crossing 1500 outlets for the Bank and 2013 ATMs/ Recyclers as on 31st March 2024.
Business Figures
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As on 31.03.2024
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As on 31.03.2023
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Growth (%)
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Total Deposits
|
252534.02
|
213386.04
|
é18.35%
|
Net Advances
|
209403.34
|
174446.89
|
é20.04%
|
CB Advances
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21486.65
|
16968.04
|
é26.63%
|
Retail Advances
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67435.34
|
56165.65
|
é20.07%
|
Corporate Advances
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73596.09
|
65730.86
|
é11.97%
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Business Banking Advances
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17072.58
|
14094.84
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é21.13%
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Gold Loan including ADLG
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25226.00
|
19841.00
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é27.14%
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Capital
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|
|
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Equity Capital
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487.07
|
423.24
|
é15.08%
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Net Worth
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29089.41
|
21419.49
|
é35.81%
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Capital Adequacy (%)
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16.13
|
14.81
|
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Tier I (%)
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14.61
|
13.02
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Tier II (%)
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1.52
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1.79
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