Federal Bank reports 20% growth in gross advances
Federal Bank, a private sector bank, reported a 20% year-on-year growth in gross advances, reaching Rs 2.13 lakh crore by March 31, 2024, compared to Rs 1.77 lakh crore a year earlier. The bank's retail credit book expanded by 25%, while the wholesale credit book grew by 15%, resulting in a retail loan to wholesale loan ratio of 56:44. Additionally, the bank's total deposits increased by 18% to Rs 2.53 lakh crore from Rs 2.13 lakh crore as of March 31, 2023.
Federal Bank said its gross advances grew 20% year-on-year to Rs 2.13 lakh crore at the end of March 31, 2024 from Rs 1.77 lakh crore a year back.Its book grew by 25% and book grew
by 15%, the bank said in a regulatory filing to stock exchanges. Retail loan to wholesale loan ratio is at 56:44.
The bank's total reached to Rs 2.53 lakh crore, registering 18% over Rs 2.13 lakh crore as of March 31, 2023.
, which also announced its provisional business numbers Wednesday, reported a 41% year-on-year jump in gross advances to Rs 8650 crore. It disbursed Rs 2340 crore during the January-March quarter as compared to Rs 1688 crore in the year ago period.
Its gross non-performing assets ratio fell 2.8% at the end of March from 3.1% a year back. The bank's deposits grew 50% to Rs 7775 crore.
Source: Stocks-Markets-Economic Times
