Federal Bank shares up 4% after deposits surge 20% YoY
Federal Bank's stock skyrockets to an all-time high of Rs 183.25 in June 2024, driven by impressive growth in customer deposits, credit books, and CASA numbers. The bank's stock performance continues to soar, surpassing exponential moving averages, as per Trendlyne data.
Shares of surged 4.7% to its new all-time high of Rs 183.25 on BSE today after the bank reported its total at Rs 2.66 lakh crore for the first quarter ended June 2024.The figure stood approximately at Rs 2.23 lakh crore in the same quarter for FY24.
The bank’s customer deposits, which excludes the interbank deposits and certificates of deposit, for the quarter aggregated to Rs 2.52 lakh crore, a growth of 20% over Rs 2,10 lakh crore as of June 2023.
The Bank’s grew 20% to Rs 2.24 lakh crore from nearly Rs 1,87 lakh crore as of June 2023 while the retail credit book and wholesale credit book grew by 25% and 14% respectively.
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Federal Bank’s CASA numbers were also up by 10% YoY, standing at approximately rs 71,000 crore for Q1FY25 and the gross advances were up 20.1% YoY as of June-end.
Shares of Federal Bank have increased by 41.75% in the last one year while in the current calendar year, the stock has surged 15.5%. In the last one month alone, the shares have risen by 10% as per BSE analytics.
On the RSI, the stock is placed near a mid-range, around the 58 level and is also standing well above its significant exponential moving averages on the charts, as per the Trendlyne data.
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Source: Stocks-Markets-Economic Times
