Page 5 - Federal Bank

Q3 FY24 report card: Bank CASA continues to remain under pressure

According to provisional data, the CASA ratio of South Indian Bank dropped to 31.79 per cent from 33.83 per cent in the same quarter of the financial year 2022-23

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

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

RBI permits ICICI Pru Mutual Fund to acquire 10% stake in Federal, RBL Bank

Federal Bank on Thursday said the Reserve Bank of India has accorded approval to ICICI Prudential Asset Management Company Ltd (ICICI AMC) for acquiring up to 9.95 per cent stake in the bank. RBI accorded the approval subject to conditions on Thursday, Federal Bank said in a regulatory filing. The approval granted by the Reserve Bank of India (RBI) is subject to the compliance with the relevant provisions of the Banking Regulation Act, 1949, RBI's Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023, it said. Meanwhile, RBI also accorded approval to ICICI AMC to acquire 9.95 per cent stake in RBL Bank and Equitas Small Finance Bank.

Fedbank Financial makes weak debut; lists at 2% discount to issue price

Fedbank Financial is a retail-focused NBFC promoted by Federal Bank which focuses on Micro, Small & Medium Enterprises (MSMEs) and the emerging self-employed individuals (ESEIs) sector.

Fedbank Financial Services IPO to open on Nov 22 at Rs 133-140 per share

At the upper end of the price band, the Federal Bank-promoted company will mop up Rs 1,092.26 crore

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Stocks to Watch on Wednesday, November 15, 2023: The Mumbai Police has filed an FIR in connection with the Mahadev betting app scam against prominent figures from the Dabur Group

Federal Bank's arm Fedfina, Ireda get nod from Sebi to float IPOs

Four firms -- Fedbank Financial Services, Indian Renewable Energy Development Agency, EPACK Durable and Suraj Estate Developers -- have received capital markets regulator Sebi's approval to raise funds through initial public offerings (IPO). These companies, which filed preliminary IPO papers with Sebi between July and September, obtained the watchdog's observation letters between October 30 and November 10, an update with the regulator showed on Monday. In Sebi's parlance, its observations mean its nod to float the IPO. Going by the draft papers, the IPO of Fedbank Financial Services Ltd (Fedfina) consists of a fresh issue of equity shares aggregating up to Rs 750 crore and an offer for sale (OFS) of 7.03 crore equity shares by promoter Federal Bank and existing shareholder True North Fund VI LLP. Under the OFS, Federal Bank will offload 1.65 crore shares, and True North Fund VI LLP will divest 5.38 crore shares. Fedfina proposes to utilise the net proceeds from the fresh issue .

RBI slaps penalty on PNB, Federal Bank, 2 other entities for non-compliance

The Reserve Bank on Friday said it has imposed a Rs 72 lakh penalty on state-owned Punjab National Bank and a Rs 30 lakh penalty on private sector Federal Bank for non-compliance with certain regulatory norms. It has also imposed a penalty of Rs 10 lakh on Mercedes-Benz Financial Services India Private Ltd (formerly known as Daimler Financial Services India Private Ltd) for non-compliance with certain provisions of the Know Your Customer (KYC) Direction, 2016. The penalty on Punjab National Bank has been imposed for non-compliance with certain provisions related to 'interest rate on advances' and 'customer service in banks', Reserve Bank of India (RBI) said in a release. Federal Bank has been penalised for contravention of certain provisions of KYC norms, the central bank said in another release. The RBI also said a monetary penalty of Rs 13.38 lakh has been imposed on Kosamattam Finance Ltd, Kottayam, for non-compliance with certain provisions of the 'Non-Banking Financial Company

Federal Bank reported its highest-ever quarterly net profit in Q2 FY24

The bank's NII grew 16.72 per cent to Rs 2,056.42 crore, up from Rs 1,761.83 crore in the same quarter of the previous financial year

Federal Bank Q2 results: Standalone net profits up 35% YoY, NPAs down 2.26%

The bank's Net Interest Income (NII) stood at Rs 2,056.4 crore, up by 16.7 per cent Y-o-Y

Federal Bank's standalone net profit rises 36% to Rs 954 crore in Q2

Private sector lender Federal Bank on Monday reported a 35.54 per cent jump in standalone net profit for the second quarter of this fiscal at Rs 953.82 crore, helped by rise in net interest income. The south-based lender had posted a net profit of Rs 703.71 crore in the year-ago period. Total income of the bank during the July-September quarter of 2023-24, rose to Rs 6,185.70 crore from Rs 4,630.30 crore in the same period of the previous year, Federal Bank said in a regulatory filing. The net interest income of the bank registered a growth of 17 per cent to Rs 2,056.42 crore, as compared to Rs 1,761.83 crore in the same period a year ago. On the asset quality front, the lender reported an improvement as the gross non-performing assets (NPAs or bad loans) fell to 2.26 per cent of the gross advances as of end-September 2023, from 2.46 per cent by end of second quarter of previous financial year. The net NPAs fell to 0.64 per cent in the quarter under review, from 0.78 per cent in t

Federal Bank to stop funding for thermal power projects by 2030: Official

Federal Bank, the largest and the oldest private sector lender in Kerala, will completely stop funding for thermal power projects by 2030, according to a senior bank official. As a first step towards its de-carbonisation initiative, the Kochi-headquartered bank will halve its exposure to the thermal power sector by 2025. The bank's green power sector exposure is Rs 5,083 crore across seven to eight projects, mostly solar and wind areas. "We have internally set a target of completely stopping funding thermal power projects/traditional energy sector by 2030. As a first step towards achieving our decarbonisation efforts, we will be halving our exposure to this polluting sector by 2025," Ashutosh Khajuria, the chief mentor at the bank, told PTI here. Currently, the bank's green loan book is Rs 5,083 crore and the sanctioned book of Rs 7,490 crore. "We see our green book crossing Rs 13,000 crore by 2025," Khajuria, who retired recently as an executive director of the bank, said. On the

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'Equirus is well poised to have leadership in five broad business areas'

Stocks to Watch today: Vedanta, JSW Infra, UTI AMC, Autos, MGL, Adani Green

Stocks to Watch on Tuesday, October 3, 2023: JSW Infrastructure will debut on the bourses on October 3, 2023

Federal Bank advances up 20% to Rs 1.95 trillion in September quarter

The pace of loan growth for the private lender was higher than the 15.1% y-o-y growth in advances of the banking system until 8 September 2023, according to RBI data

IFC gets approval from RBI to raise stake in Federal Bank to 9.7%

IFC currently holds a 1.34 per cent stake in the bank

RBI allows HDFC AMC's stake acquisition in DCB Bank, Karur Vysya, 2 others

Federal Bank, Karur Vysya have to ensure that acquisition does not exceed 9.5% of their paid-up share capital

Shareholders thwart Kerala-based Federal Bank's ESOP extension plan

Not enough takers for plans to extend schemes for associate firms, subsidiaries

IFC's stake will go up to 7.3% post infusion: Federal Bank's Srinivasan

"We have seen reasonably good growth and the outlook for growth remains quite constructive and positive. Now we must raise capital for funding the next wave of growth," said Shyam Srinivasan

Federal Bank raises Rs 3,099 cr via QIP route to fund business growth

Private sector lender Federal Bank on Tuesday said it has raised Rs 3,099 crore through qualified institutional placement route to fund business growth. The board approved the allotment of 23.04 crore shares with a face value Rs 2 each to eligible qualified institutional buyers at an issue price of Rs 131.90 per unit, including a premium of Rs 129.90 per share, reflecting a discount of Rs 0.69 (0.52 per cent) on the floor price of Rs 132.59, Federal Bank said in a regulatory filing. Last week, the board had fixed a floor price of Rs 132.59 per equity share for the Qualified Institutional Placement (QIP). Following the allotment of shares, the paid-up equity share capital of the bank stands increased from Rs 4,23,63,28,436 crore comprising 2,11,81,64,218 shares to Rs 4,697,283,704 crore, consisting of 2,348,641,852 shares, it said. The bank had posted a 42 per cent rise in net profit at Rs 1,147 crore for the June quarter, as against Rs 807 crore in the year-ago period. The total