Representative picture. Photo: Getty Images
Private bank Federal Bank on Tuesday said it hopes to maintain the high double-digit growth it had
witnessed in the April-June period in the current quarter as well.
"We hope to clock around 15 per cent growth in our gold loan book in the near-term after a high 25 per cent growth in advances against gold in Q1," bank's managing director and chief executive Shyam Srinivasan told reporters on the sidelines of a banking summit here.
In the first quarter, the Kerala-based Federal Bank reported 30 per cent rise in net profit at Rs 190.35 crore on an income of Rs 1,661.04 crore.
However, its retail loan growth would have been negative, had it not been for the gold loan book, which grew 25 per cent. Overall retail book grew only marginally to Rs 593.48 crore from Rs 589.54 crore during the past quarter.
Since April, banks have been witnessing more footfalls at its gold loan counters after the RBI clamped down on pure-play gold loan players like Muthoot Finance, Manappuram Finance and Muthoot Fincorp among others by limiting the loan to value (LTV) at 60 per cent. Earlier these NBFCs were
offering over 80 per cent LTV to customers.
On the capital need for his under the Basel III norms, Srinivasan said "our requirement will not be something out of pattern as already our CAR is above 15 per cent, which is one of the highest in the industry."
On hiring, he said the bank has already hired 1,500 and hopes to hire 5,000-6,000 in the next three years.
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