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Federal Bank delivers highest ever operating profit at Rs. 583 Cr

Posted On: 2017-10-18 00:11:54

Federal Bank announced the Unaudited Financial Results for the quarter ended 30th September 2017. The key highlights of the results on a Y-o-Y basis are as follows:

- Net profit grows by 31%,at Rs.264 Cr
- Total Business increases by 17.80%
- Asset quality improves significantly, GNPA at 2.39% & NNPA at 1.32%
- Retail deposits grow by 16%
- NRE Deposits increases by 17.86%
- CASA grows by 19.52%
- Total Advances increases by 24.54%
- Retail Advances grows by 16.51%
- Wholesale Advances grows 35.63%

Balance Sheet

The Total Business of the Bank registered a Y-o-Y growth of 17.80% to reach Rs. 177856.63 Cr as on 30th September 2017, backed by a solid growth of 24.54% in gross advances. Total Advances grew from Rs.65439.31 Cr to Rs.81496.54 Cr. The Total Deposits increased from Rs.86299.10 Cr to Rs. 97210.75 as on 30th September 2017, registering a growth of 12.64%.

NRE Deposits of the Bank registered a 17.86% growth from Rs.32459.20 Cr to Rs.38255.82 Cr. CASA Deposits grew by 19.52 % Y-o-Y to reach Rs. 32015.57 Cr.

On the Asset side, wholesale advances grew by 35.63% to reach Rs.32175.41 Cr. Retail Advances clocked a growth of 16.51%. SME Advances grew by 18.02% from Rs.14955.28 Cr to Rs.17650.78 Cr as on 30th September 2017. Housing Loan registered a Y-o-Y growth of 20.71% from Rs.8350.60 Cr to Rs.10080.22.

Operating Profit & Net Profit

The Bank registered an Operating Profit of Rs.583.20 Cr. and a Net Profit of Rs. 263.70 Cr. for the quarter ended 30th September 2017. Net profit grows by 31.04% as compared to the corresponding quarter last year. The Operating Profit and Net Profit for the half year ended 30th September 2017 stood at Rs. 1141.06 Cr and Rs.473.85 Cr respectively.

Margins

The Bank earned a Net Interest Income of Rs.898.91 Cr for the quarter ended 30th September 2017. Net Interest Margin stood at 3.31% as on 30th September 2017.

Asset Quality

The Gross NPA of the Bank as at the end of Q2FY18 stood at Rs.1948.97Cr, which as a percentage to Gross Advances stood at 2.39%. The Net NPA and the Net NPA as a percentage to Net Advances as on 30th September 2017 stood at Rs.1066.38Cr and 1.32% respectively. The Provision Coverage Ratio (including technical write-offs) is 70.32%.

NET WORTH & CAPITAL ADEQUACY

The Net worth of the bank increased from Rs.8366.91Cr to Rs.11647.32Cr, as on 30th September 2017. The Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines stood at 14.63% as at the end of the quarter.

Footprint

The Bank has 1252 branches and 1678 ATMs as on 30th September 2017.

Q2FY17 Vs Q2FY18

- Total Deposits increased by 12.64% from Rs.86299.10 Cr to Rs.97210.75.
- Savings deposits grew by 21.15% to reach Rs.27155.49 Cr
- CASA grew by 19.52% to reach Rs.32015.57 Cr
- CASA ratio at 32.93%.
- NRE deposits grew by 17.86% to reach Rs.38255.82 Cr.
- Advances increased by 24.54% from Rs.65439.31 Cr to Rs.81496.54.
- Wholesale Advances increased by 35.63% from Rs.23721.58 to Rs.32175.41 Cr.
- Retail advances grows by 16.51% to reach Rs.23255.62 Cr.
- SME Advances registered a growth of 18.02% to reach Rs.17650.78 Cr.
- Investments stood at Rs.26317.50 Cr.
- Book Value per share increased to Rs.59.59 from Rs.48.63.

Shares of FEDERAL BANK LTD. was last trading in BSE at Rs.125.85 as compared to the previous close of Rs. 124.8. The total number of shares traded during the day was 1592642 in over 7356 trades.

The stock hit an intraday high of Rs. 127.75 and intraday low of 125.05. The net turnover during the day was Rs. 201394342.


Source: Equity Bulls

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