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Kerala-based lender Federal Bank Ltd on Thursday (February 5) said it has received approval from the Reserve Bank of India (RBI) to allow Asia II Topco XIII Pte. Ltd. to acquire an aggregate holding of up to 9.99% of the bank’s paid-up share capital or voting rights.
In a regulatory filing, the bank informed stock exchanges that the RBI conveyed its approval on the same day. The approval permits Asia II Topco XIII Pte. Ltd. to acquire the stake, subject to conditions specified by the central bank.
Third Quarter Results
The lender's Net Interest Income (NII) or core income grew by 9% from last year to ₹2,653 crore. The numbers are marginally higher than the ₹2,563 crore estimate from the CNBC-TV18 poll.
Also Read: Federal Bank sees margins and returns improving, steps up wealth focus
Net profit for the period increased by 9% from last year to ₹1,041 crore, also marginally higher than the CNBC-TV18 poll of ₹1,000 crore. Federal Bank's asset quality improved on a sequential basis, with Gross Non-Performing Assets (NPAs) improving to 1.72% from 1.83% in September, while Net NPA improved to 0.42% from 0.48% last quarter.
In absolute terms, gross NPAs improved to ₹4,447 crore from ₹4,532 crore last quarter, while Net NPAs improved to ₹1,068 crore from ₹1,165.2 crore in September. Provisions for the quarter remained largely unchanged at ₹332 crore from ₹363 crore last quarter and ₹292 crore last year.
Slippages at the end of the December quarter improved to ₹443 crore from ₹584 crore during the second quarter last year. Advances for the quarter increased by 11% from last year and 4.5% sequentially to ₹2.55 lakh crore, led by the commercial banking and corporate & institutional banking.
Also Read: Federal Bank bets on high-yield loans to drive profitable growth
Deposits for the quarter grew by 11.8% from last year to ₹2.97 lakh crore. The figure was up 3.1% from the September quarter as well. Fee income increased by over 18.5% year-on-year to ₹896.47 crore, while CASA ratio improved to 32.07%, up 106 basis points sequentially and 191 basis points from last year.
Shares of Federal Bank Ltd ended at ₹287.00, down by ₹0.35, or 0.12%, on the BSE.
In a regulatory filing, the bank informed stock exchanges that the RBI conveyed its approval on the same day. The approval permits Asia II Topco XIII Pte. Ltd. to acquire the stake, subject to conditions specified by the central bank.
Third Quarter Results
The lender's Net Interest Income (NII) or core income grew by 9% from last year to ₹2,653 crore. The numbers are marginally higher than the ₹2,563 crore estimate from the CNBC-TV18 poll.
Also Read: Federal Bank sees margins and returns improving, steps up wealth focus
Net profit for the period increased by 9% from last year to ₹1,041 crore, also marginally higher than the CNBC-TV18 poll of ₹1,000 crore. Federal Bank's asset quality improved on a sequential basis, with Gross Non-Performing Assets (NPAs) improving to 1.72% from 1.83% in September, while Net NPA improved to 0.42% from 0.48% last quarter.
In absolute terms, gross NPAs improved to ₹4,447 crore from ₹4,532 crore last quarter, while Net NPAs improved to ₹1,068 crore from ₹1,165.2 crore in September. Provisions for the quarter remained largely unchanged at ₹332 crore from ₹363 crore last quarter and ₹292 crore last year.
Slippages at the end of the December quarter improved to ₹443 crore from ₹584 crore during the second quarter last year. Advances for the quarter increased by 11% from last year and 4.5% sequentially to ₹2.55 lakh crore, led by the commercial banking and corporate & institutional banking.
Also Read: Federal Bank bets on high-yield loans to drive profitable growth
Deposits for the quarter grew by 11.8% from last year to ₹2.97 lakh crore. The figure was up 3.1% from the September quarter as well. Fee income increased by over 18.5% year-on-year to ₹896.47 crore, while CASA ratio improved to 32.07%, up 106 basis points sequentially and 191 basis points from last year.
Shares of Federal Bank Ltd ended at ₹287.00, down by ₹0.35, or 0.12%, on the BSE.
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