Federal Bank Clocks 25% Jump, Touches All-Time High of Rs 1,007 Crore

16 Jan 2024 , 03:01 PM

On January 16, Federal Bank revealed a net profit of Rs 1,007 crore for the December quarter of the fiscal year 2023–24. This is a 25% increase from the previous year’s Rs 803.6 crore and above the Rs 945.5 crore market estimate.

The gross non-performing asset (NPA) percentage of the bank decreased to 2.29% from 2.43 % during the same period previous year. Compared to 0.73% the year before, net non-performing assets (NPA) was at 0.64%.

‘I am thrilled that our team’s focused effort has enabled us earn an all-time high net profit of 1007 Crores,” stated Federal Bank Managing Director and CEO Shyam Srinivasan. ‘This is a key milestone in the journey of any firm that is dedicated to both growth and quality.’

With over 100 more branches added in the previous calendar year and another 100 planned for this year, Srinivasan continued, ‘Our growth trajectory is well poised to sustain this positive momentum.’

‘As we grow and diversify across products, segments, and geography, we are further inspired to deliver on our purpose for existence, which is to be Most Admired Bank in India, ‘he added.

From Rs 201408.12 crore to Rs 239591.16 crore this year, the bank’s total deposits climbed.

Net interest income (NII) for the quarter was Rs 2123.36 crore, up 8.53% from the Rs 1956.53 crore recorded in the same quarter of the previous fiscal year.

As of December 31, 2023, Federal Bank had 1418 branches and 1960 ATMs/recyclers.

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