Federal Bank eyes credit growth at 8-10% in FY21
Federal Bank is eying to have a growth in its advances book at the rate of 8-10 per cent on year-on-year basis by March-end
For 400 days tenure, Federal Bank revises deposit rate up to 8.15% for senior citizens
Mumbai: Federal Bank is eying to have a growth in its advances book at the rate of 8-10 per cent on year-on-year basis by March-end. Also, it is looking at a deposit growth of 12-14 per cent yoy by the fiscal end.
Talking to Bizz Buzz, the ED and Chief Financial Officer of the bank, Ashutosh Khajuria, said, "The bank's loan book grew by 6 per cent on y-o-y basis in the third quarter, ending December 31. While our NII grew by 24 per cent, business banking rose by 13 per cent, whereas agri loan grew by 24 per cent during the period under review." Last quarter of a financial year is always most active for any bank as more intense growth takes place during this quarter.
"Hence, we are looking at witnessing a growth at 8-10 per cent in our loan portfolio on y-o-y basis by March-end," he said, adding that his bank was eying at having a deposit growth at 12-14 per cent by the fiscal-end. The bank's loan book grew by 6 per cent during the third quarter. Similarly, he said, the bank is also looking at having a growth of 50 per cent in the remaining quarter of the current fiscal. In the third quarter, the gold loan of the bank grew by 67 per cent yoy.
The bank has reduced low-yielding corporate loan by around 5 per cent, whereas the high yielding corporate loan has gone up, he said.
