Federal Bank posts 5.3% growth in total deposits

Federal Bank’s total deposits grew 5.3% year-on-year to Rs 1,81,712 crore as of March 31, the bank said in a regulatory filing on Monday. Its gross advances grew by 9.5% to Rs 1,47,644 crore from Rs 1,34,877 crore on March 31, 2021.

The Kerala-based lender said at the end of the March 2022 quarter, CASA deposits aggregated to Rs 67,132 crore, a growth of 15 % over Rs 58,370 crore in the year-ago period. The CASA ratio reached 36.94% (FY22) from 33.81% (FY21).

The bank’s retail deposits as per internal classification aggregated to Rs 1,71,569 crore, a growth of 10% over Rs 1,55,977 crore as of March 31, 2021. Retail deposits share improved to 94% from 90% as of March 31, 2021.

The bank said as per internal classification, its retail credit book grew by 10.4% and wholesale credit book grew by 8.3%. Retail to wholesale ratio improved to 55:45 (FY22) from 54:46 in FY21.

Federal Bank reported a 29% year-on-year increase in standalone net profits for Q3 of FY22 to Rs 521.73 crore, largely due to a reduction in provisions.

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