Federal Bank gains after total deposits jump 17% YoY

Federal Bank spurted 2.36% to Rs 54.25 after total deposits grew 17% to Rs 1.54 lakh crore (provisional) as on 30 June 2020 as against Rs 1.32 lakh crore as on 30 June 2019.

Gross advances advanced 8% to Rs 1.23 lakh crore (provisional) as on 30 June 2020 compared with Rs 1.13 lakh crore as on 30 June 2019.

The bank's Current Account-Savings Account (CASA) grew 19% to Rs 49,616 crore (provisional) as on 30 June 2020 as against Rs 41,676 crore as on 30 June 2019. CASA Ratio stood at 32.02% (provisional) as on 30 June 2020 as against 31.44% as on 30 June 2019 and 30.50% as on 31 March 2020. Liquidity Coverage Ratio (LCR) stood at 227.79% (provisional) as on 30 June 2020 as against 147.38% in 30 June 2019 compared with 196.65% as on 31 March 2020.

Customer deposits soared 16% to Rs 1.49 lakh crore (provisional) as on 30 June 2020 compared with Rs 1.28 crore as on 30 June 2019. Certificate of deposit jumped 10% to Rs 2,668 crore (provisional) as on 30 June 2020 compared with Rs 2,418 crore as on 30 June 2019. Interbank deposits surged 58% to Rs 2,852 crore (provisional) as on 30 June 2020 in comparison to Rs 1,801 crore as on 30 June 2019. The announcement was made on Sunday, 6 July 2020.

On the technical front, the stock's RSI (relative strength index) stood at 60.248. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading between its 50-day moving average (DMA) placed at 46.54 and its 200-day moving average (DMA) placed at 71.52.

Federal Bank's net profit dropped 22.5% to Rs 302.95 crore on 20.6% increase in total income to Rs 4,222.87 crore in Q4 March 2020 over Q4 March 2019.

Federal Bank operates through four segments: treasury, corporate or wholesale banking, retail banking and other banking operations. The bank has 1,263 branches, 1,937 ATMs/recyclers as on 31 March 2020.

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