Federal Bank reported a 35.54% rise in its net profit for the quarter ended September 2023 at ₹953.82 crore as compared to ₹703.7 crore in the same quarter last year. This was the bank’s highest ever quarterly net profit.
The bank’s net interest income (NII) in Q2FY24 increased by 16.7% to ₹2,056.4 crore from ₹1,761.8 crore, YoY. Net Interest Margin was at 3.16%.
“The Q2 results are a sigma of many of our initiatives coming together well and has helped us deliver our highest ever profits. Some of the marquee investments we raised in Q2 are a true testimony to our governance, social and environmental commitment standards,” said Shyam Srinivasan, Managing Director & CEO, Federal Bank.
Read HDFC Bank Q2 Results Live Updates here
Asset quality during the quarter was stable as gross non-performing asset (GNPA) of the bank improved to 2.26% at the end of Q2 FY23 from 2.38% in Q1FY24. The lender’s net NPA decreased to 0.64% from 0.69%, QoQ.
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Provision Coverage Ratio excluding Technical Write Off was 71.03%.
Provisions were down to ₹43.9 crore from ₹267.9 crore YoY and from ₹155.6 crore, QoQ Slippages were at ₹373 crore versus ₹501 crore, QoQ.
Total Deposits increased from ₹1,89,145.71 crore as on 30th September 2022 to ₹2,32,868.43 crore as on 30th September 2023. On the Asset side, Net advances increased from ₹1,61,240.32 crore as on 30th September 2022 to ₹1,92,816.69 crore on 30th September 2023, Federal Bank said.
At 1:45 pm, Federal Bank shares were trading 1.14% lower at ₹147.80 apiece on the BSE.
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Updated: 16 Oct 2023, 01:47 PM IST