Federal Bank falls as Q4 CASA ratio hits multi-quarter low

Federal Bank’s total deposits reached Rs 2,13,384 crore, clocking a growth of 17.4 percent year-on-year

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Despite continuing its strong loan growth trajectory, Federal Bank’s multi-quarter low CASA (current account savings account) ratio in Q4 FY23 has disappointed the Street.

Federal Bank shares fell over 3 percent on April 5 after the bank reported CASA ratio of 32.68 percent, which is 156 basis points lower than the previous quarter. The bank’s best-ever CASA ratio was 36.94 percent in Q4 FY22, and it has been on a declining trend ever since.

At 11:15 am, the stock was quoting at Rs 129.50 on the NSE, lower by 3.2 percent from the previous close.

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In Q4, the bank’s gross advances grew by 20.2 percent to Rs 1,77,480 crore from Rs 1,47,639 crore in the previous year.

Total deposits reached Rs 2,13,384 crore, clocking a growth of 17.4 percent YoY. Of this, the CASA or current account and savings account deposit grew a modest 3.9 percent to Rs 69,739 crore, from Rs 67,121 crore in the year-ago period.

The retail credit book grew by 18.6 percent and wholesale credit book grew by 22.2 percent, the bank said, further noting that the “retail to wholesale ratio is at 54:46.”

In Q3, Federal Bank had reported a 54 percent on-year surge in net profit at Rs 521.73 crore. The net interest income of the Kochi-headquartered lender had increased by 27.1 percent on-year to Rs 1956.53 crore.

Meanwhile, banks’ slowing deposit growth rate has the Street worried. With system-level credit growth expected to continue to outpace deposit growth in FY24, lagging deposit accretion could constrain banks’ ability to give loans even as deposit rates are seen continuing to rise, according to India Ratings.