Federal Bank's advances increase 18% to Rs 2.02 trillion in Q3 FY24

Private sector lender Federal Bank has reported an 18 per cent year-on-year (Y-o-Y) growth in total advances to Rs 2.02 trillion in the third quarter of financial year 2024, according to an exchange filing.

Sequentially, Federal Bank's growth in loans was 3.32 per cent in Q3 FY24 compared to the quarter ended in September 2023.

On a segmental basis, the bank said that as per its internal classification, its retail credit book grew by 20 per cent year-on-year, and its wholesale credit book grew by 17 per cent. The retail-to-wholesale ratio was at 55:45 respectively.

Further, the total deposits surged by 19 per cent to Rs 2.40 trillion in the quarter ended December 31, 2023, from Rs 2.01 trillion in the year-ago period.

The bank’s customer deposits grew by 18 per cent to Rs 2.27 trillion over Rs 1.92 trillion as of December 31, 2022.

Sequentially, the lender’s overall deposits grew by 2.89 per cent over deposits at the end of September 2023.

The Current Account Savings Account (CASA) Ratio of the bank was at 30.63 per cent as compared to 34.24 per cent as of December 31, 2023.

At 2:35 pm, Federal Bank traded 1.88 per cent down at Rs 153.60 on the National Stock Exchange on Tuesday.