Federal Bank: Gross advances grew by 20% in March quarter; total deposits up 18%

Kochi-headquartered Federal Bank on Wednesday announced that its gross advances rose 20 per cent to Rs 2,12,758 crore in the March 2024 quarter from Rs 1,77,377 crore in the year-ago period. As per internal classification, the lender said retail credit book grew by 25 per cent and wholesale credit book grew by 15 per cent. Retail to wholesale ratio is at 56:44, it added.

"Total deposits reached Rs 2,52,583 crore, with a growth of 18 per cent over Rs 2,13,386 crore as of March 31, 2023. The bank's customer deposits (Total deposits excl. Interbank deposits and certificates of deposit) aggregated to Rs 2,40,072 crore, a growth of 19 per cent over Rs 2,02,133 Crore as of March 31, 2023," Federal Bank further stated.

The business update was shared after-market hours. The stock settled 0.49 per cent higher at Rs 154.65.

On BSE, around 4.02 lakh shares changed hands today. The figure was lower than the two-week average volume of 5.57 lakh shares. Turnover on the counter came at Rs 6.19 crore, commanding a market capitalisation (m-cap) of Rs 37,647.35 crore.

The counter traded higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). The stock's 14-day relative strength index (RSI) came at 58.47. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The company's stock has a price-to-equity (P/E) ratio of 9.30. Earnings per share (EPS) stood at 4.16.

The Jhunjhunwala family cumulatively owned 3.02 per cent stake in Federal Bank as of December 31, 2023.