Federal Bank delivers highest ever quarterly net profit at ₹ 477.81 Cr
Total business crossed landmark figure of ₹ 3 Lakh crore
cityairnews
May 17, 2021 09:52
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Chennai: Federal Bank announced its audited financial results for the quarter and year ended 31st March 2021 today.
Highlights
· Recorded highest ever Quarterly Net Profit of ₹ 477.81 Cr, up by 58.60% on a YoY basis
· RoA crossed 1% and stood at 1.02%, and RoE at 12.20%
· Net Interest Income grew by 17% (YoY) to reach ₹ 1420 Cr
· Total business crossed landmark figure of ₹ 3 Lakh crore and stood at ₹ 3,04,523.08, registering a growth of 10.91%
· Gold Loans registered a staggering growth of 70.05%
· CASA grew by 25.66%
Commenting on the results and financial performance, Mr. Shyam Srinivasan, Managing Director & CEO, Federal Bank said, “We delivered our highest every quarterly profit despite an extremely challenging environment. I liken this to a test match win where every player did his part on a seaming and yet viciously turning track while the weather too was playing truant. It’s a tribute to our Federal spirit and we are pleased that the many awards and recognitions that came along the way motivated us to raise the bar. Inspired by this experience, the team is hopeful of navigating yet another year that looks quite daunting at the start. Some of the segments such as Gold Loans and CASA continue to shine for us with gold loans registering a staggering growth of 70.05%. The Asset quality held up well and Net NPA of 1.19% placed the bank amongst the best in the industry. The Provision coverage ratio was maintained along guided lines @ 65.14%. The Bank, during the past financial year managed to bag a series of awards and accolades, for Best Bank, Fastest growing bank, Great Place to work and several awards for its Digital initiatives. Bank has several new initiatives lined up and would be launching Credit Cards for its customers shortly.”
