October 07, 2024 19:25 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
India has always played the first responder for Maldives: PM Modi | RG Kar case: Civic volunteer Sanjoy Roy is the main accused, says CBI chargesheet | Explosion at coal mine in Bengal's Birbhum kills 5 | AAP slams BJP after ED raids Rajya Sabha MP Sanjeev Arora's house | Delhi court grants bail to Lalu Prasad Yadav, Tejashwi, Tej Pratap in land-for-jobs scam
Federal Bank Q4 net profit jumps 67 pc to Rs 903 crore
Financial result

Federal Bank Q4 net profit jumps 67 pc to Rs 903 crore

| @indiablooms | 05 May 2023, 04:53 pm

Mumbai: Private sector lender Federal Bank on Friday reported a 67% year-on-year rise in net profit to Rs 903 crore for the January-March quarter (Q4) of the financial year 2022-23.

The bank had posted a net profit of Rs 504.5 crore in the corresponding period a year ago.

The bank's net interest income (NII) rose 25% to Rs 1909.29 crore in Q4FY23 as against Rs 1525.21 crore in the same quarter of the previous financial year.

"This very strong performance is a testimony to the dedicated efforts of the team and the trust of our customers. It’s noteworthy that our market share gains across product categories is gathering momentum quarters," said Shyam Srinivasan, Managing Director & CEO, Federal Bank.

Gross advances of the bank reached Rs 1,77,376.53 crore as on 31st March 2023 from Rs 1,47,639.45 crore as on 31st March 2022 registering a growth of 20.14%.

Deposits recorded a growth of 17.44% to reach Rs 2,13,386.04 crore as on 31st March 2023 from Rs 1,81,700.59 crore as on 31st March 2022.

The gross NPA (non-performing assets) of the bank as on 31st March 2023 stood at Rs 4,183.77 crore. Gross NPA as a percentage to gross advances is 2.36% as on 31st March 2023.

"The Net NPA stood at Rs 1,205.01 crore and Net NPA percentage is at 0.69% as on 31st March 2023. The Provision Coverage Ratio stood at 70.02% as on 31st March 2023," the ban said in a media release.

The Board of Directors of the bank at its meeting held today recommended a dividend of 50% per equity share having face value of Rs 2 for the year ended 31st March 2023.

(With UNI inputs)

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.