Federal Bank's Deposits Surge 18% YoY In Q4 FY24

Federal Bank witnessed a substantial 18.4 per cent surge in total deposits, reaching Rs 2,52,583 crore by March 2024, compared to Rs 2,13,386 crore in March 2023. The bank's CASA deposits experienced a growth of 6.5 per cent, reaching Rs 74,249 crore by 31 March 2024, up from Rs 69,741 crore in the same period last year. However, the CASA ratio decreased to 29.40 per cent in March 2024, down from 32.68 per cent recorded in the previous year.

Customer deposits, excluding interbank deposits and certificates of deposit, totaled Rs 2,40,072 crore by 31 March 2024, marking an 18.8 per cent year-on-year increase. Certificates of deposit saw a notable rise of 10.2 per cent, amounting to Rs 10,428 crore in Q4 FY24 compared to Rs 9,461 crore in Q4 FY23. Interbank deposits also grew by 16.3 per cent to Rs 2,083 crore by 31 March 2024, from Rs 1,792 crore recorded a year earlier.

Federal Bank's gross advances witnessed a robust growth of 19.9 per cent, reaching Rs 2,12,758 crore by 31 March 2024, up from Rs 1,77,377 crore in March 2023. The bank's retail credit book surged by 25 per cent, while the wholesale credit book grew by 15 per cent, resulting in a retail to wholesale ratio of 56:44.

Operating across four segments including treasury, corporate or wholesale banking, retail banking and other banking operations, Federal Bank boasts a network of 1418 branches and 1960 ATMs/recyclers as of 31 December 2023.