Federal Bank net up 67 per cent at ₹903 cr for Jan-March quarter

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private lender Federal Bank On Friday, it reported its highest-ever quarterly net profit of INR 902.61 crore for the January-March quarter of fiscal year 2022 to 2323, registering a 67 percent year-on-year growth.

The bank’s net profit was ₹540.54 crore in the January-March 2021-22 quarter.

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

Net interest income was ₹1,909.29 crore in the last quarter of FY23, up by 25.18 per cent from ₹1,525.21 crore in the year-ago quarter.

The bank also said total NPAs fell to 2.36 percent in the fourth quarter of the last fiscal year, compared to 2.8 percent in the year-ago quarter. Net NPA was 0.69 percent compared to 0.96 percent in the fourth quarter of 2021-22.

The Fed’s net profit For the financial year ending March 2023 it was at ₹3,010.59 crore, a growth of 59.31 per cent year-on-year.

Commenting on the results and financial performance, Shyam Srinivasan, Managing Director and Chief Executive Officer, Fed Bank, said: “The consistent performance shown over the year has resulted in annual net profit of INR 3,010.59 crore while maintaining good asset quality across sectors.”

The bank’s annual net interest income increased from ₹5,961.96 crores to ₹7,232.16 crores, registering a growth of 21.31 per cent in March 2023.

The lender said in the filing that the bank’s capital adequacy ratio (CRAR), calculated according to Basel III guidelines, was 14.81 percent at the end of March 2023.