Fed Bank net up, 38.94% growth

Thursday, Oct 16, 2014,20:34 IST By metrovaartha A A A

Federal Bank, leading private sector bank in the state has earned a net profit of 460.53 crore, registering 38.94 per cent growth in the first half of FY 2014-2015 as against Rs 331.47 crore earned in corresponding period of the previous year.
The bank had registered a 13.68 per cent in deposits which stood at Rs 64,563.86 crore for the six-month period ending September 30, 2014 as against Rs 56,793 crore earned during the same period last year, a release said here today.    In terms of its interest income, the growth rate during the three months period ending September 30, 2014 was registered at 9.05 per cent, collecting Rs 1869 crore as against Rs 1714 crore during the same period last year.
The asset quality of the Bank continued to be improved with the Gross NPA coming down by 129 basis points from 3.39 per cent as on 30.09.2013 to 2.10 per cent as on 30.09.2014, it said adding the Net NPA fell by 32 basis points on a y-o-y basis from 0.98 per cent to 0.66 per cent as on 30.09.2014 while the provision Coverage Ratio increased to 85.13 per cent from 81.23 per cent during the corresponding period in the previous fiscal.   Net Interest Income recorded a y-o-y growth of 10.48 per cent as it improved from Rs 548.35 crore in Q2 FY14 to Rs 605.80 crore in Q2 FY15. Other income grew by 36.58 per centy-o-y from Rs143.40  crore in Q2 FY14 to Rs 195.86 crore in Q2 FY15.
Net Interest Margin improved marginally from 3.30 per cent as on 30.09.2013 to 3.35 per cent as on 30.09.2014.   However, Cost to Income reduced from 51.01 per cent as on 30.09.2013 to 48.89 per cent as on 30.09.2014.    The Bank’s Operating Profit and Net Profit registered impressive growth during the quarter.   While Operating profit increased by 20.91 per cent from Rs 338.91 crore to Rs 409.76 crore, the Net Profit went up by 6.42 per cent to Rs 240.30 crore from Rs 225.81 Crore earned during the corresponding quarter last year.
CASA registered a growth of 13.08 per cent from Rs17449.80 crore as on 30.09.2013 to Rs 19732.51 crore as on 30.09.2014.    Regarding the advances, the net advancs of the bank grew by 14.79 per cent from Rs 42,220.06 crore as on 30.09.2013 to Rs 48466.14 crore as on 30.09.2014 with SME advances registering a 25.95 per cent y-o-y growth to reach Rs11821.19 crore as on 30.09.2014.
The Bank continued to expand its footprint and added 11 branches and 43 ATMs during the quarter to take the tally to 1214 branches and 1435 ATMs as at September 30, 2014.