Rakesh Jhunjhunwala portfolio financial stock shares Q2 update1 min read . Updated: 04 Oct 2021, 09:42 AM IST
- Federal bank's deposits rose by 10% year-on-year (YoY) to ₹1,71,995 crore (provisional) as of September 30, 2021
Listen to this article
Private sector lender Federal Bank on Sunday said it has posted a 10% growth in advances at ₹1,37,309 crore (provisional) for the second quarter ended September 30. Total advances stood at ₹1,25,209 crore at the end of the second quarter of the last financial year, Federal Bank said in a regulatory filing.
The bank's deposits also rose by 10% year-on-year (YoY) to ₹1,71,995 crore in the quarter from ₹1,56,747 crore in the same period a year ago, it said. Federal Bank's low-cost deposits--current account and saving deposits(CASA)—were up by 18% to ₹62,191 crore. Whereas its CASA ratio stood at 36.16 during the quarter.
Indian marquee investor and stock market trader Rakesh Jhunjhunwala had increased his stake in Federal Bank. As per the BSE shareholding pattern, Jhujhunwala's holds 2.78% stake or 5,75,00,000 shares in the bank during the April-June period, up from 2.40% or 4,72,21,060 shares in the March 2021 quarter.
Federal Bank shares were trading nearly 3% higher in Monday's deals on the BSE at ₹85 per share. The banking stock is up 35% this year (year-to-date or YTD) and over 68% in the past year.
One of India’s largest old generation private sector banks, Federal Bank's net profit was up 58.6% at ₹477.8 crore for the quarter ended March as compared to ₹301.2 crore in the same quarter last year. The bank's gross non-performing assets (NPA) stood at 3.41% versus 2.71% on a quarterly basis while net NPAs stood at 1.19% against 0.90%.
Never miss a story! Stay connected and informed with Mint. Download our App Now!!