RBI imposes penalty on Federal Bank, PNB
Federal Bank was penalised as it issued some demand drafts, each for a value of rupees fifty thousand and above, without incorporating the name of the purchaser on the face of it.
Kochi-headquartered Federal Bank on Monday reported 58.6 per cent growth in its net profit for the January-March quarter at Rs 477.81 crore.
Its Net Interest Income grew by 17 per cent (YoY) to reach Rs 1,420 crore, the bank said in a statement.
Gross advances reached Rs 1,34,876.71 crore as of March 31, 2021 from Rs 1,24,153.18 crore as of March 31, 2020 registering a growth of 8.64 per cent.
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Shyam Srinivasan, Managing Director & CEO, Federal Bank said: “We delivered our highest ever quarterly profit despite an extremely challenging environment.
Some of the segments such as gold loans and CASA continue to shine for us with gold loans registering a staggering growth of 70.05 per cent. The asset quality held up well and Net NPA of 1.19 per cent placed the bank amongst the best in the industry.”
The gross NPA of the bank as of March 31, 2021 stood at Rs 4,602.39 crore.
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