Net interest income stood at Rs 1,919 crore in Q1 FY24, up 20% over Rs 1,605 crore in the same quarter last year. Net interest margin slipped to 3.15% in Q1 FY24 from 3.22% in Q1 FY23.

Provisions and contingencies declined 6.6% to Rs 155.58 crore in Q1 FY24 from Rs 166.68 crore in Q1 FY23.

Net worth of the bank increased 15.47% YoY to Rs 22,247.75 crore as on 30 June 2023. The capital adequacy ratio (CRAR) of the bank, computed as per Basel III guidelines, stood at 14.28% as on 30 June 2023 as against 14.57% as of 30 June 2022.

On asset quality front, the gross non-performing assets (GNPA) was Rs 4,434.77 crore in Q1 FY24 as against Rs 4,155.33 crore in Q1 FY23.The ratio of gross NPA stood at 2.38% in Q1 FY24 as compared to 2.69% in Q1 FY23. The ratio of net NPA stood at 0.69% in Q1 FY24 as compared with 0.94% in Q1 FY23.

Gross advances recorded a growth of 21% to reach Rs 1,86,593 crore from Rs 1,54,392 crore posted on 30 June 2023. Total deposits reached Rs 2,22,496 crore from Rs 1,83,355 crore as on 30 June 2023.

The CASA deposits grew 5% YoY to Rs 70,854 crore in Q1 FY24 and CASA Ratio slipped to 31.85% in Q1 FY24 from 36.84% posted in Q1 FY23.

During the year, retail advances grew by 17% to Rs 58,422 crore. Agri advances stood at Rs 25,112 crore, registering a growth of 26%. Commercial banking advances grew by 20% to Rs 18,365 crore. Corporate book registered a growth of 22% YoY to reach Rs 67,140 crore.

Return on assets (ROA) for Q1 FY24 improved to 1.30% as against 1.10% in Q1 FY23. Return on equity (ROE) increased to 15.73% in the quarter ended 30 June 2023 as compared to 12.70% in the corresponding quarter previous year.

Federal Bank operates through four segments: treasury, corporate or wholesale banking, retail banking and other banking operations. The bank has 1,366 branches and 1,920 ATMs/recyclers as on 30 June 2023.

The scrip slipped 4.84% to Rs 127.70 on the BSE.