Kochi : Federal Bank on Monday announced its audited financial results by registering highest ever net profit of Rs 477.81 crore for the final quarter year ended March 31, 2021.
The total business of the Bank reached Rs 3,04,523.08 crore as on March 31, 2021 from Rs 2,74,557.99 crore as on March 31, 2020, registering a growth of 10.91%, a Bank release here said on Monday.
Gross Advances reached Rs 1,34,876.71 crore as on March 31, 2021 from Rs 1,24,153.18 crore as on March 31, 2020 registering a growth of 8.64%.
Retail advances grew by 18.57% to reach Rs 44,910.14 crore as on March 31, 2021 from Rs 37,877.97 crore as on March 31, 2020.
Gold loans registered a staggering growth of 70.05% to reach Rs 15,816.00 crore as on March 31, 2021. Business Banking advances grew by 12.93% to reach Rs 11,890.05 crore.
Deposits recorded a growth of 13.37% to reach Rs 1,72,644.48 crore as on March 31, 2021 from Rs 1,52,290.09 crore as on March 31, 2020.
The CASA deposits reached Rs 58,370.48 crore as on March 31, 2021. CASA Ratio stands at 33.81%. The NRE deposits of the Bank posted a growth of 11.77% during the year to reach Rs 63,958.84 crore as on March 31, 2021.
The Bank delivered an Annual Operating Profit of Rs 3,786.90 crore as on March 31, 2021 against Rs 3,204.69 crore as on March 31, 2020 registering a growth of 18.17%. The Annual Net Profit is at Rs 1,590.30 crore as on March 31, 2021 up from Rs 1,542.78 crore as on March 31, 2020.
Annual Net Interest Income increased from Rs 4,648.90 crore to Rs 5,533.70 crore registering a growth of 19.03% as on March 31, 2021 while the quarterly Net Interest Income increased to Rs 1,420.37 crore from Rs 1,216.02 crore as on March 31, 2020.
Other income as on March 31, 2021 stands at Rs 1,944.91 crore. Net Interest Margin stood at 3.16% for FY21 while the quarterly Net Interest Margin stood at 3.23%.
The Gross NPA of the Bank as on March 31, 2021 stood at Rs 4,602.39 crore.
Gross NPA as a percentage to Gross Advances is 3.41% as on March 31, 2021. The Net NPA stood at Rs 1,569.28 crore and Net NPA percentage is at 1.19% as on March 31, 2021.
The Provision Coverage Ratio stood at 65.14% as on March 31, 2021, the release said.
The Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 14.62% as on March 31, 2021. The Net Worth of the Bank was at Rs 16,123.61 crore as on March 31, 2021.
The Board of directors at its meeting held today has recommended a dividend of 35% per equity share having face value of Rs 2 for the year ended March 31, 2021.
The dividend will be paid after the approval of shareholders at the Annual General Meeting (AGM), the release added.
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