Federal Bank Reports 20% Growth in Advances for Q1

Federal Bank reported a 20% growth in advances, reaching Rs 2,24,139 crore for the first quarter ending June 30. Retail credit grew by 25% and wholesale credit by 14%. The bank's deposits rose by 20% year-on-year, while CASA deposits declined.

Private sector lender Federal Bank has posted a robust 20 per cent growth in its advances, reaching Rs 2,24,139 crore for the first quarter ending June 30, a significant increase from the Rs 1,86,593 crore recorded during the same period the previous year.

According to the bank’s internal classification, the retail credit book surged by 25 per cent, while the wholesale credit book saw a 14 per cent rise, balancing the retail-to-wholesale ratio at 56:44 respectively.

In terms of deposits, Federal Bank recorded a year-on-year increase of 20 per cent, totaling Rs 2,66,082 crore in the latest quarter compared to Rs 2,22,496 crore last year. However, the ratio of low-cost deposits, comprising current account and saving deposits (CASA), fell to 29.28 per cent from the last year's 31.85 per cent at the same time.