Federal Bank gains after total deposits jump 12%, gross advances rise 6% YoY

Federal Bank rose 1.98% to Rs 51.55 after the bank said its total deposits grew 12% to Rs 1.56 lakh crore (provisional) as on 30 September 2020 as against Rs 1.39 lakh crore as on 30 September 2019.

Gross advances advanced 6% to Rs 1.25 lakh crore (provisional) as on 30 September 2020 compared with Rs 1.17 lakh crore as on 30 September 2019.

The bank's Current Account-Savings Account (CASA) jumped 20% to Rs 52,786 crore (provisional) as on 30 September 2020 as against Rs 44,023 crore as on 30 September 2019. CASA ratio stood at 33.68% (provisional) as on 30 September 2020 as against 31.55% as on 30 September 2019 and 32.02% as on 30 June 2020.

Liquidity Coverage Ratio (LCR) stood at 257.44% (provisional) as on 30 September 2020 as against 159.69% in 30 September 2019 compared with 233.14% as on 31 June 2020.

Customer deposits soared 13% to Rs 1.52 lakh crore (provisional) as on 30 September 2020 compared with Rs 1.34 lakh crore as on 30 September 2019. Certificate of deposit slumped 36% to Rs 1,840 crore (provisional) as on 30 September 2020 compared with Rs 2,863 crore as on 30 September 2019. Interbank deposits surged 49% to Rs 2,882 crore (provisional) as on 30 September 2020 in comparison to Rs 1,938 crore as on 30 September 2019. The announcement was made on Sunday, 4 October 2020.

Federal Bank's net profit rose 4.3% to Rs 400.77 crore on 8.6% increase in total income to Rs 3,932.52 crore in Q1 June 2020 over Q1 June 2019.

Federal Bank operates through four segments: treasury, corporate or wholesale banking, retail banking and other banking operations. The bank has 1,263 branches, 1,936 ATMs/Recyclers as on 30 June 2020.

Shares of Federal Bank have surged 44.4% from a low Rs 35.70 hit on 25 March 2020.

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