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Federal Bank announced Q4FY24 & FY24 results:
Financial Highlights:
- Total Business of the bank reached Rs 4,61,937.36 crore.
- Highest Ever NII, up by 14.97% to Rs 2,195.11 crore.
- Net Profit at Rs 906.30 crore.
- Operating Profit at Rs 1,110.35 crore
- ROA for Q4 stood at 1.22% and ROE stood at 12.75%.
- GNPA and NNPA at 2.13% and 0.60% respectively.
- Total Deposits increased by 18.35 %.
- Net advances increased from Rs 1,74,446.89 crore as on 31st March 2023 to Rs 2,09,403.34 crore on 31st March 2024.
- Retail Advances grew by 20.07% to reach Rs 67,435.34 crore. Business Banking advances grew by 21.13 % to reach Rs 17,072.58 crore
- Net worth of the Bank increased by 35.81%, from Rs 21,419.49 crore to Rs 29,089.41 crore, as on 31st March 2024.
- Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines stood at 16.13% as at the end of the quarter.
- The Board of directors at its meeting held today has recommended a dividend of 60% per equity share having face value of Rs 2 for the year ended 31st March 2024.
Shyam Srinivasan, Managing Director & CEO of the Bank said, “FY24 was yet another strong year which saw us set new benchmarks in our journey towards building the Most Admired Bank. With a 10% increase in our footprint, our branches now dot the map, across the length and breadth of India. The physical distribution is buttressed with significant investments in Technology and Digital capabilities, helping us serve clients in over 15,000 pin codes. We look forward to the year ahead with confidence and are focused on delivering many bespoke customer propositions that establishes the presence of "Brand Federal” as the First Choice for our valued customers "
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