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Motilal Oswal Report
Federal Bank Ltd. released a quarterly update highlighting its Q3 FY22 business numbers. The bank posted a strong recovery in business trends, despite a challenging environment amid the pandemic. The key updates are furnished below:
Gross advances rose ~12.1% YoY to ~Rs 1.4 trillion and reported a strong sequential growth of 4.6% in Q3 FY22 (versus 3.4% QoQ growth in Q2 FY22). We believe the growth was led by healthy traction across all segments.
Federal Bank's total deposit base grew ~8.5% YoY (up 2% QoQ) to Rs 1.75 trillion. Total customer deposits increased 8.7% YoY (up 1.1% QoQ), while current accounts and savings account deposits witnessed a strong traction and rose ~15% YoY (up 3.5% QoQ). Accordingly, CASA ratio improved 52 basis points QoQ to ~36.7% - the highest level achieved by Federal Bank. Conversely, term deposit growth was broadly flat sequentially.
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