Tag: net profit

Federal Bank’s net profit grows 29% YoY, at Rs. 522 Cr | Q3 FY 2022 results

25th January 2022: Federal Bank announced Unaudited Financial Results for the quarter ended 31^st December 2021. Major highlights of the results on a Y-o-Y basis are as follows:

•   Total advances grew by 12% YoY
•   Market share in Personal Inward remittance business at 19.23%
•   CASA grew by 15% YoY, CASA ratio at an all-time high of 36.68%
•   The total business grew by 10% YoY
•   GNPA @ 3.06% & NNPA @ 1.05%
•   NIM improved sequentially by 7 bps and stood at 3.27%
•   Operating profit for Q3 at Rs. 914 Cr
•   ROA for Q3 at 1.02% and ROE at 11.62%

Commenting on the results, Mr. Shyam Srinivasan, MD & CEO, said, “We are pleased to continue our strong performance with improvement across all parameters. Credit quality remains top quartile on the back of disciplined lending practices. The Bank has delivered a strong bottom line with key gains in Net Interest Income, Fee Income and Net Interest Margin. Net Profit improved substantially registering a growth of 29% and it helped deliver RoA of 1%+”

 Q3FY21 Vs Q3FY22

• Agri Advances registered a growth of 17.95% to reach Rs. 18431.00 Cr
• Housing Loans registered a growth of 13.87% to reach Rs. 21684.96 Cr
• Retail Advances grew 7.91% to reach Rs. 45541.37 Cr
• Gold Loans registered a growth of 11.48% to reach Rs. 16378.00 Cr
• CASA registered a growth of 15.43% to reach Rs. 64343.28 Cr
• Resident Savings Bank deposit registered a growth of 18.16% to reach Rs.28970.01 Cr
• The net worth of the Bank reached Rs.18,087.98 Cr
• Book Value per share increased to Rs. 86.05 from Rs. 78.32

 Balance Sheet

Total Business of the Bank grew 10.10% Y-o-Y from Rs. 2,87,174.69 Cr as of 31^st December 2020 to Rs. 3,16,174.33 Cr as of 31^st December 2021. Net advances recorded a growth of 12.14% to reach Rs. 1,40,742.63 Cr from Rs. 1,25,504.77 Cr as of 31^st Dec 2021. Total Deposits reached Rs. 1,75,431.69 Cr from Rs. 1,61,669.92 Cr as of 31^st Dec 2021.

Operating Profit & Net Profit

Net Profit for the quarter increased to Rs. 521.73 Cr compared to Rs. 404.10 Cr as of 31^st Dec 2021. The Bank recorded an Operating Profit of Rs. 914.29 Cr as on 31^st Dec 2021 down from Rs. 956.44 Cr a year earlier.

 Income & Margins

Net Interest Income of the Bank increased to Rs.1538.90 Cr as of 31^st Dec 2021 from Rs. 1437.04 Cr as of 31^st Dec 2020. Core fee income has registered a growth of 15.47% to reach Rs. 412.03 Cr. The Net Interest Margin of the Bank during the quarter ended 31^st December 2021 stood at 3.27%.

 Asset Quality

Gross NPA and Net NPA of the Bank as at the end of the quarter stood at Rs. 4401.26 Cr and Rs. 1471.18 Cr respectively. Gross NPA as a percentage stands at 3.06% and Net NPA as a percentage stands at 1.05%, improving sequentially. Provision Coverage Ratio stands at 79.62% compared to 86.32% a year earlier.

 NET WORTH & CAPITAL ADEQUACY

The net worth of the Bank increased to Rs.18087.98 Cr as of 31^st December 2021 from Rs.15631.15 Cr as of 31^st December 2020. Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines stood at 14.37% at the end of the quarter.

Footprint

The Bank has 1274 branches and 1882 ATMs/Recyclers as of 31^st December 2021.

MAJOR FINANCIAL INDICATORS (Standalone nos.)

                                                                                                                                                      (Rs. in Crore)