Federal Bank share price hits 52-week high as advances record 20% growth, deposits rise 19.6% YoY in Q1

Federal Bank share price rallied over 4% to hit a fresh 52-week high on Wednesday after the lender reported a strong business update for the first quarter of FY25. Federal Bank shares gained as much as 4.68% to ₹183.25 apiece on the BSE.

Federal Bank reported gross advances growth of 20% to ₹2,24,139 crore in the quarter ended June 2024 as against ₹1,86,593 crore in the year-ago quarter. As per internal classification of the bank, retail credit book grew by 25% and wholesale credit book grew by 14%.

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Retail to Wholesale ratio is at 56:44 respectively, Federal Bank said in a regulatory filing.

Total deposits in Q1FY25 were at ₹2,66,082 crore, with a growth of 20% over ₹2,22,496 crore as of June 30, 2023. The bank’s Customer deposits (Total deposits excluding Interbank deposits and certificates of deposit) aggregated to ₹2,51,991 crore, up 20% from ₹2,10,422 crore in the corresponding quarter of last fiscal.

CASA deposits in Q1 accelerated 9.9% YoY and 5% QoQ. CASA ratio of the bank on Q1FY25 stood at 29.28% as against 31.85% YoY, and compared to 29.38%, QoQ.

Federal Bank stock was among the top gainers on the Bank Nifty index on Wednesday along with HDFC Bank shares. All the constituents on Bank Nifty were trading in the green with the banking index scaling record high levels of above 53,250.

Federal Bank share price has seen a remarkable rally as the stock has risen more than 10% in one month and 16% year-to-date (YTD).