Federal Bank to step up branch expansion, focus on green financing: Chairman

The bank also plans to go aggressive on green finance, with a sharp focus on technology led banking, Chairman Hota said.

Federal Bank plans to step up the number of branches and move aggressively on green finance, Chairman AP Hota said.

“We plan to open 80-100 branches every year in the next three years. The focus areas for opening branches would be in the states of Gujarat, Maharashtra, Tamil Nadu and Karnataka,” Hota said at the 92nd annual general meeting of the private sector lender on August 18.

The bank also plans to go aggressive on green finance, with a sharp focus on technology-led banking, Hota said.

Also read: Federal Bank to soon come up with a policy on green deposits

In July 2023, Moneycontrol had reported that the bank plans to come up with a policy on green deposits and finance.

Federal Bank on July 13 reported a net profit of Rs 854 crore for the April-June 2023 quarter, a jump from Rs 600 crore in the corresponding period last year.

The bank's gross non-performing asset (GNPA) also improved to 2.38 percent from 2.69 percent last year.

Also read: Interview | Federal Bank’s unsecured retail segments working well: MD

The lender's net NPA stood at 0.69 percent, improving from 0.94 percent in the corresponding quarter last year.