Shares of Federal Bank soared over 4 per cent on Wednesday to record a 52-week high after the private lender reported a 20 per cent growth in advances at Rs 2,24,139 crore for the first quarter of this financial year. The stock closed at 3.68 per cent.
In a regulatory filing, Federal Bank revealed that total advances stood at Rs 1,86,593 crore at the end of the first quarter of the previous fiscal.
As per internal classification, the bank's retail credit book surged 25 per cent and wholesale credit book leaped 14 per cent. The retail-to-wholesale ratio was pegged at 56:44.
The deposits of Federal Bank also saw a 20 per cent jump year-on-year to Rs 2,66,082 crore in April-June 2024 from Rs 2,22,496 crore in the year-ago quarter, according to the filing.
The low-cost deposits-current account and saving deposits (CASA) of the lender declined to 29.28 per cent in the quarter ended in June from 31.85 per cent in the previous year.
Most of the stocks in the Nifty Bank index closed in the green on Wednesday, with Bandhan Bank rising by 4.4 per cent, IDFC First Bank surging 2.52 per cent, Kotak Mahindra Bank zooming 2.32 per cent, HDFC Bank soaring 2.2 per cent, Axis Bank jumping 2.12 per cent, IndusInd Bank climbing 1.82 per cent, State Bank of India spiking 1.67 per cent, Bank of Baroda gaining 1.08 per cent, ICICI Bank leaping 0.92 per cent and Punjab National Bank advancing 0.84 per cent.
Yes Bank, which is not part of the Nifty Bank index, also saw a 4 per cent rise on Wednesday bouyed by positive Q1 updates.
