Federal Bank, which has always enjoyed the reputation of being an “NRI” Bank, more so from the Gulf with a strong foothold in Kerala first, has once again lived up to this name.

Its NRI kitty, thanks to the rupee deprecation making remitting fund to India very lucrative for Indians earning abroad, is on a high. As per the reports from the Bank, 21% of entire India’s remittance came through Federal Bank; FY22 remittances touched Rs.1,40,000 crore.

And this upward trend in the NRI remittances is expected to continue in the forthcoming quarters as well.

The Bank’s credit growth witnessed a 15-17% jump, for the first time in 8-9 years.  On the NPA front, though Govt welfare programmes and moratoriums have helped in keeping NPAs under check, the Bank expects the next six months to be crucial as the moratoriums will be withdrawn.

The stock has witnessed an over 2 times rise in volumes and stock price, rose from its close of Rs.121.60 to Rs.123.45, not too far from its 52-week high of Rs.129.70.