Private sector lender Federal Bank on Friday reported its highest-ever quarterly net profit of ₹902.61 crore for the January-March quarter of FY2022-23, registering an annual growth of 67 per cent.

The bank's net profit stood at ₹540.54 crore in the January-March quarter of 2021-22.

In a stock exchange filing, the lender also reported the highest-ever operating profit at ₹1,335 crore for the quarter, up 67 per cent year-on-year.

The net interest income stood at ₹1,909.29 crore in the last quarter of FY23, up 25.18 per cent from ₹1,525.21 crore in the year-ago quarter.

The bank also said gross NPAs came down to 2.36 per cent in the fourth quarter of the last fiscal compared to 2.8 per cent in the year-ago quarter. The Net NPA was at 0.69 per cent compared to 0.96 per cent in the fourth quarter of 2021-22.

Federal Bank's net profit for the fiscal ended March 2023 was at ₹3,010.59 crore, a growth of 59.31 per cent on an annual basis.

Commenting on the results and financial performance, Shyam Srinivasan, MD and CEO of Federal Bank said: "The consistent performance exhibited throughout the year has yielded net annual profit of ₹3,010.59 crore while maintaining benign asset quality across the segments".

Bank's annual net interest income increased from ₹5,961.96 crore to ₹7,232.16 crore registering a growth of 21.31 per cent as on March 2023.

The Capital Adequacy Ratio (CRAR) of the bank, computed as per Basel III guidelines, stood at 14.81 per cent at end-March 2023, the lender said in the filing.

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