MUMBAI: Kochi-headquartered Federal Bank has reported a net profit of Rs 478 crore for the quarter ended March 2021, an increase of 58% over Rs 301 crore in the corresponding quarter last year. The bank reported a net profit of Rs 1,590 crore for the full year – an increase of 3% from Rs 1,542 crore in the corresponding period in the previous year.
The bank’s gross advances reached Rs 1,34,876 crore as of 31st March 2021 from Rs 1,24,153 crore as of March 2020 registering a growth of 8.6%. Retail advances grew by 18.6% to reach Rs 44,910 crore as of 31st March 2021 from Rs 37,877 crore as of March 2020. Growth in retail was driven by gold loans which registered a growth of 70% growth to reach Rs 15,816 crore as of 31st March 2021.