Federal Bank profit doubles to Rs 220 cr in Apr-Jun

Kerala-based Federal Bank today said its net profit more than doubled to Rs 220.23 crore in the April-June quarter of 2014-15 against Rs 105.66 crore during the same period in the previous fiscal.
Total Income has increased to Rs 1,928.04 crore for the quarter ended June 30, 2014, from Rs 1,869.05 crore in the year-ago period, the bank said in a statement.
Total deposits grew by 3.49 per cent to Rs 61,815 crore in the said quarter, from Rs 59,731 crore in the same period last year.
The Bank added Rs 607.52 crore of CASA during the quarter, which was led by growth in Savings Bank deposits to the tune of Rs 561.39 crore. Advances grew by 3.63 per cent, from Rs 43,436 crore to Rs 45,012 crore.

Gross NPA as a percentage to Gross Advances came down by 24 bps from 2.46 per cent to 2.22 per cent.
Net NPAs as a percentage decreased by 6 bps from 0.74 per cent to 0.68 per cent. Even on a Y-o-Y basis, the Gross and Net NPA came down in absolute and percentage terms, the release said.

The bank intends to further consolidate its business position and improve its reach and customer base. The Bank, which embarked on a transformation journey, was well on its way to position itself as a national player with focus on SME and NRI clientele, the release said.

Capital Adequacy Ratio (Basel III) at 15.16 per cent while Return on Equity increased to 12.54 per cent from 6.77 per cent.
The Bank continued to expand its footprint and added 29 branches and 33 ATMs during the quarter to take the tally to 1,203 branches and 1,392 ATMs as at June 30, 2014, the release said.