140 per cent returns: This Jhunjhunwala’s multibagger stock reports strong growth in Q1FY24!
Additionally, Zerodha Broking also has a stake of 1.19 per cent in the company
On Monday, shares of Federal Bank surged 1.8 per cent to trade at an intraday high of Rs 128.45 apiece on BSE.
The bank released provisional figures of key business parameters for the quarter ended June 30, 2023. The total deposits amounted to Rs 2,22,513 crore, showing a growth of 21.4 per cent compared to Rs 1,83,355 crore as of June 30, 2022. Excluding interbank deposits and certificates of deposit, the bank's customer deposits reached Rs 2,10,439 crore, indicating a growth of 17.2 per cent over Rs 1,79,586 crore as of June 30, 2022.
The bank's gross advances increased by 20.9 per cent to Rs 1,86,593 crore from Rs 1,54,392 crore as of June 30, 2022. The retail credit book grew by 20.2 per cent and the wholesale credit book grew by 21.6 per cent, according to internal classification. The retail to wholesale ratio stands at 54:46 respectively.
Based on the shareholding pattern as of March 2023, the renowned investor Rakesh Jhunjhunwala has a stake of 1.17 per cent in the company, while Rekha Jhunjhunwala held a stake of 2.31 per cent. Additionally, Zerodha Broking also has a stake of 1.19 per cent in the company.
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Federal Bank provides retail and corporate banking, para banking activities such as debit card, third party product distribution, treasury and foreign exchange businesses.
The stock has witnessed significant buying activity as it has given multibagger returns of more than 140 per cent in just 3 years. Keep a close eye on this trending stock.