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What the record says.
Federal Bank reported Q4 FY25 net profit of INR 1,030 crore, up 14% YoY, crossing a milestone of INR 5,18,000 crore in total business. NIM improved 1 bps to 3.12% despite a repo rate cut, aided by mix shift to mid-yielding segments (19% YoY growth) and strong CASA growth (6.74% QoQ). Asset quality improved with GNPA down 11 bps to 1.84%. Management guided for loan growth to improve from 12% and cost-to-income ratio to remain around 53%. Key risks include NIM compression from further rate cuts and elevated slippages in the MFI portfolio.
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Guidance to track
- Management expects overall loan growth to be better than the 12% reported for FY25, driven by mid-yielding segments and revival in gold loans.
- CFO guided cost-to-income ratio to remain in the 52.5%-53.5% range over the next few quarters.
- MD reiterated the strategic target to reach 36% CASA ratio over three years, from current ~30%.
- CFO reiterated credit cost guidance of 35-40 bps for FY25, which was achieved at 38 bps.
Risks flagged
- Further repo rate cuts could compress NIMs despite management's agile measures; MD acknowledged challenge in maintaining current NIM.
- Aggregate slippages have inched up due to MFI portfolio stress; management remains cautious and has not resumed growth in this segment.
- Analyst raised concern that year-end CASA growth may not be sticky; MD acknowledged some year-end effect but cited fundamental improvement in acquisition.
- Q4 OpEx was elevated due to branch openings; while management expects normalization, continued investment may keep cost-income ratio elevated.
Key quotes
- We crossed a major milestone of INR 5,18,000 crore business, and our net profit entered the league of INR 4,000 crore+.
- Our objective is to try and minimize the impact, but it is difficult to yet give you a guidance for the year on where the NIM will be.
- We have not shown dramatic savings out of the operating cost; we have not guided a significant downward trajectory on the operating cost.
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