Federal Bank's Total Deposits Grow 5.4% QoQ to Reach Rs 2,52,534 Crores
Federal Bank's total deposits increased by 5.4% quarter-over-quarter to ₹2,52,534 Crores, showing strong growth both sequentially and year-over-year.
by Damodharan N
Updated Jul 03, 2024
Federal Bank has announced a significant increase in its total deposits, which grew by 5.4% quarter-over-quarter (QoQ) to reach ₹2,52,534 Crores as of June 30, 2024. This marks a notable rise from ₹2,40,023 Crores recorded on March 31, 2024.
The year-over-year (YoY) growth is even more impressive, with total deposits rising by 20% from ₹2,22,496 Crores as of June 30, 2023. The bank's customer deposits, excluding interbank deposits and certificates of deposit, increased by 20% to ₹2,51,991 Crores from ₹2,10,422 Crores a year ago.
In addition to the deposit growth, Federal Bank's gross advances also saw a 20% increase, reaching ₹2,24,139 Crores compared to ₹1,86,593 Crores in the previous year. The retail credit book grew by 25%, while the wholesale credit book expanded by 14%, maintaining a retail to wholesale ratio of 56:44.
The bank's CASA (Current Account Savings Account) deposits grew by 9.9% YoY and 5.0% QoQ, reaching ₹77,901 Crores. However, the CASA ratio slightly declined to 29.28% from 31.85% a year earlier.
This growth reflects Federal Bank's strong performance and effective deposit mobilization strategies, as the information is subject to limited review by the bank's statutory auditors.
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Federal Bank
Federal Bank is a major banking institution in India known for its blend of digital innovation and personalized service. With a focus on being "Digital at the Fore, Human at the Core," the bank aims to lead in digital banking while maintaining strong personal connections with customers.
It offers comprehensive banking services for individuals, businesses, and NRIs, and is recognized as a top employer. Federal Bank prioritizes digital transactions, with 86% of its activities conducted online, and is committed to inclusive finance by supporting small businesses and underserved communities.
The bank’s strategy includes broadening its digital reach, enhancing sustainability, and addressing economic and environmental challenges.
Federal Bank's Total Deposits Grow 5.4% QoQ to Reach Rs 2,52,534 Crores - FAQs
1. What was the total deposit growth for Federal Bank this quarter?
Total deposits grew by 5.4% QoQ for Federal Bank
2. What is the total deposit amount for Federal Bank as of June 30, 2024?
The total deposit amount for Federal Bank as of June 30, 2024 is ₹2,52,534 Crores.
3. How much did total deposits increase YoY?
The Total deposits increased by 20% YoY.
4. What were the total deposits as of June 30, 2023?
The total deposits as of June 30, 2023 is ₹2,22,496 Crores.
5. How much did customer deposits grow YoY?
Customer deposits grew by 20% YoY.
6. What is the amount of customer deposits excluding interbank deposits and certificates of deposit?
The amount of customer deposits excluding interbank deposits and certificates of deposit is ₹2,51,991 Crores.
7. How did Federal Bank's gross advances change YoY?
Federal Bank Gross advances increased by 20% YoY.
8. What is the new amount of gross advances?
The new amount of gross advances is ₹2,24,139 Crores.
9. What was the CASA deposit growth YoY and QoQ?
The CASA deposits grew by 9.9% YoY and 5.0% QoQ.
10. What is the current CASA ratio?
The current CASA ratio is 29.28%.