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.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.