The Kochi-based Federal Bank Limited shared its business outlook for the third quarter Q3 of the current financial year 2021-22 and said, its total deposits grew by over 9 per cent year-on-year (Y0Y) at Rs 1,75,432 crore as of December 31, 2021. Shares of the private-sector bank were trading over 5 per cent higher at Rs 87.25 per piece on the S&P BSE Sensex in Monday’s afternoon deals.
The company’s current and savings accounts deposits were up by 15 per cent to Rs 64,343 crore in 2021 as compared to Rs 55,740 crore in 2020. Whereas the ratio of its current and savings accounts was also increased from 34.48 per cent in 2020 to 36.68 per cent in 2021. Its gross advances were also up by 12 per cent as of December 31 and stand at Rs 1,43,633 crore. Its Gross non-performing assets (GNPAs) stands at 3.24 per cent as against 2.84 per cent during the second quarter Q2 in the current FY 2021-22.
Federal Bank Limited posted its revenue from operations in 2021 Rs 16,272 crore as compared to Rs 15,472 crore in the year 2020. The private sector bank also posted a profit after tax in 2021 of Rs 1,664 crore in 2021 as compared to Rs 1,580 crore in the year 2020.
During the year the company’s stock rose up to 20 per cent. Federal Bank is one of India’s largest old generation private sector bank’s which posted a 50 per cent jump in its profit after tax (PAT) at Rs 486 crore in the quarter ended September 2021, from Rs 357 crore in the previous quarter.