Federal Bank Delivers Highest Ever Operating Profit at Rs. 583 Cr

KOCHI:
Federal Bank announced the Unaudited Financial Results for the quarter ended 30 th 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%
Working Results at a Glance (Rs.in Crore) Particulars Q2 Q2 % y-o- y growth 2017-18 2016-17
Net Interest Income 898.91 726.18 ?23.79%
Net Total Income 1186.13 998.26 ?18.82%
Operating Profit 583.20 474.93 ?22.80%
Net Profit 263.70 201.24 ?31.04%
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 30 th 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 30 th 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 30 th 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 30 th 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 30 th 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.
Major Financial Indicators (Standalone nos.) (Rs. in Crore)
Business Figures As on 30.9.2017 As on 30.9.2016 Growth (%)
Total Deposits 97210.75 86299.10 ?12.64%
SB & Demand Deposits 32625.23 27405.87 ?19.04%
Gross Advances 81496.54 65439.31 ? 24.54%
Retail Advances 23255.62 19960.14 ?16.51%
SME Advances 17650.78 14955.28 ?18.02%
Agri Advances 8414.73 6802.30 ?23.70%