Page 5 - Federal Bank

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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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

Federal Bank raises Rs 959 cr from IFC via preferential issue of shares

The shares were issued at a price of 131.91 per share and were approved by the board on Friday, the bank said in a notification to exchanges

Federal Bank fixes floor price of Rs 132.59 per equity share for QIP

Private sector lender Federal Bank on Wednesday said the board has a fixed floor price of Rs 132.59 per equity share for its proposed Qualified Institutional Placement (QIP). Pursuant to regulation, the bank may at its discretion offer a discount of not more than 5 per cent on the floor price calculated for the issue, Federal Bank said in a regulatory filing. 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. Total income in the first quarter of the current fiscal rose to Rs 5,757 crore from Rs 4,081 crore in the same period a year ago.

Federal Bank board to consider fundraising via issue of preference shares

Lenders plans issuing 72.6 mn such shares to International Finance Corporation

Federal Bank Q1 profit up 39% to Rs 880 cr; Fedfina reconsidering IPO plan

Federal Bank on Thursday reported 38.77 per cent jump in June quarter consolidated net profit at Rs 880.12 crore, and guided towards growing its loan book by up to 18 per cent in FY24. The private sector lender's profit in the year-ago period was Rs 634.22 crore, while the same for the preceding March quarter was Rs 953.91 crore. On a standalone basis, Federal Bank reported 29 per cent rise in net profit at Rs 854 crore. Its core net interest income on consolidated basis increased 19.57 per cent to Rs 1,918.59 crore during the quarter on the back of a 21 per cent growth in advances and a 0.07 per cent narrowing in the net interest margin at 3.15 per cent. Its other income came at Rs 732 crore as against Rs 453 crore in the year-ago period, with the core fee income growing to Rs 535 crore from Rs 441 crore. Bank's chief executive and managing director Shyam Srinivasan told reporters that NIMs have been on a downward trajectory because of the rate hikes by RBI, and exuded confidenc

Federal Bank Q1 results: Net profit rises 42% to Rs 854 crore, NII up 20%

The bank is reportedly looking to raise around Rs 4,000 crore in 2023-24

Federal Bank Q1 profit up 29% at Rs 854 cr on back of decline in bad loans

Federal Bank on Thursday reported 29 per cent rise in net profit at Rs 854 crore for June quarter 2023-24 helped by decline in bad loans. The South-based private sector lender had posted a net profit of Rs 661 crore for the year-ago period. Total income during the quarter under review increased to Rs 5,757 crore from Rs 4,081 crore in the year-ago period, Federal Bank said in a regulatory filing. Interest earned by the bank increased to Rs 5,025 crore from Rs 3,629 crore in the same period a year ago. The bank's asset quality showed improvement as gross non-performing assets (NPAs) declined to 2.38 per cent of gross advances by the end of June 2023, from 2.69 per cent as of June 2022. Net NPAs or bad loans too came down to 0.69 per cent as against 0.94 per cent a year ago. However, Capital Adequacy Ratio of the bank decreased to 14.28 per cent from 14.57 per cent in the same quarter a year ago.

Banks post robust credit growth in Q1; deposit mobilisation improves

Bank of Maharashtra said its loans expanded by 25 per cent YoY to Rs.1.75 trillion. This pace was much higher than the banking system's 15.4 per cent growth till June 16, 2023, according to RBI

Federal Bank Q1 advances up 21%; deposits grow 21.4% to reach Rs 2.22 trn

Retail credit book grows by 20.2% YoY, says private bank in stock exchange statement

RBI approves AP Hota's appointment as Federal Bank's non-executive chairman

Federal Bank on Friday said Reserve Bank of India has approved the appointment of AP Hota, the man behind the runaway success of the NPCI and Rupay cards, as its non-executive chairman. The appointment is effective from June 29 and up to January 14, 2026. Abhay Prasad Hota has been an independent director on the board of the bank since January 2018. Hota has worked for 27 years in Reserve Bank of India (RBI) between 1982 and 2009. While at RBI, he served as a nominee director on the board of Vijaya Bank and subsequently Andhra Bank. He was the architect of the National Payments Corporation of India (NPCI) and was its managing director and chief executive officer between 2009 and 2017.

Federal Bank Q4 profit up 67% at Rs 903 cr; posts highest operating profit

Kerala-based lender's net interest income grows 25% to Rs 1,909 cr