Federal Bank reports 21% YoY rise in total deposits in Q1FY24; stock gains

Federal Bank share price NSE: Shares of Federal Bank on Monday gained nearly 2 per cent after the lender shared its business update for the first quarter of the ongoing fiscal (Q1FY24), with both advances and total deposits rising 21 per cent year-on-year (YoY).

The bank’s total deposits increased 21.4 per cent to Rs 2,22,513 crore at the end of June 30, 2023, from Rs 1,83,355 crore as of June 30, 2022, as per the company's update filed on the exchanges.

Federal Bank's customer deposits (total deposits excluding Interbank deposits and certificates of deposit) aggregated to Rs 2,10,439 crore, a growth of 17.2 per cent over Rs 1,79,586 crore as of June 30, 2022.

The bank’s gross advances grew by 20.9 per cent to Rs 1,86,593 crore from Rs 1,54,392 crore logged a year ago. The bank's retail credit book grew by 20.2 per cent and its wholesale credit book grew by 21.6 per cent. The retail to wholesale ratio is 54:46, respectively, the update said.

Besides, the lender’s CASA ratio, the ratio of deposits in current accounts and savings accounts to total deposits, was 31.85 per cent in the June quarter, as compared to 36.84 per cent in the year-ago period and 32.68 per cent in the previous quarter. The CASA ratio decreased on a YoY basis.

Federal Bank's stock has given a positive return of nearly 34 per cent in the last 12 months (since July 4, 2022), but the stock is down more than 8 per cent YTD. In comparison, the headline index Nifty 50 has rallied nearly 22 per cent.

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