Federal Bank - Business Performance Picks Up: Axis Securities
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Axis Securities Report
Federal Bank Ltd. in its business update for Q2 FY22 reported a robust pick-up in loans and deposits.
Sequentially, growth in business/loans/deposits stood at 2.4%/3.4%/1.5% respectively.
This sequential growth compared to ~2% de-growth in the previous quarter reflects improvement in business trends with the gradual unlocking post Covid 2.0.
On a YoY basis, growth in business/loans/deposits stood at ~10%.
Gross advances grew by 10%, outpacing the industry growth of 6.2% (as of July 2021).
Federal Bank also reported strong current account and savings account growth of 18%/6% YoY/QoQ to Rs 622 billion.
CASA ratio improved to 36.2% from 33.7%/34.8% YoY/QoQ. Customer deposits grew by 11%/3% YoY/QoQ.
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