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Core net interest income (NII) grew 8.53 per cent to Rs 2,123 crore, while the other income jumped 61 per cent to Rs 863 crore.
The growth in the core NII was constrained because of narrowing of net interest margin at 3.19 per cent from the 3.55 per cent in the year-ago period, and the 18 per cent asset growth provided a limited succour.
Chief executive and managing director
He admitted that the bank has not been able to deliver on its guidance of expanding NIMs in the second half of FY24 due to the challenging external environment where funds are coming at a higher cost, and added that it will look at maintaining
He said the bank has been focused on the overall income growth from both interest and non-interest income lines, which has ensured that the overall business growth trajectory is maintained.
Low-cost current and saving account deposit growth trailed at 8-9 per cent, and
Srinivasan said the bank board has started the process to find a successor for him, and should be sending a list of candidates to the
The board will look at external candidates as well, he said, adding that the bank has two exemplary executive directors as well who can be the internal candidate.
The incumbent MD and CEO said he will not take up any role in the bank after his current term comes to an end in September after 15 years of service.
Srinivasan said it is not a “good governance” practice to continue in any other capacity but added that he may look at some engagement with a subsidiary of the bank post-retirement.
The bank will be opening 100 more branches in 2024, which is the same as in 2023, Srinivasan said. Replying to a question whether it will open a branch in Ayodhya and Lakshadweep, he asked all not to get “swayed” by the news cycle.
On the asset quality front, the overall slippage increased to Rs 479 crore which was higher than the preceding quarter’s, but within the broader target of maintaining it at Rs 1,800 crore for FY24, Srinivasan said, adding that till now the overall slippages is at Rs 1,300 crore in the first nine months.
He added that the slippages were a bit higher in Q3 because of a lumpy Rs 70 crore account, and added that the account will get reversed to performing in Q4 itself.
Gross non-performing assets ratio improved to 2.29 per cent from the year-ago’s 2.43 per cent.
Overall provisions decreased to Rs 91.22 crore from the year-ago period’s Rs 198.69 crore, and helped the bottomline.
The bank’s overall capital adequacy ratio improved to 15.02 per cent as against 13.35 per cent in the year-ago period.
The Federal Bank scrip shed 2.16 per cent to close at Rs 149.70 apiece on the BSE on Tuesday, as against a 0.27 per cent correction on the benchmark.
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