Federal Bank Registers Highest Ever Quarterly Net Profit at Rs1010 Cr

Federal Bank announced the Financial Results for the quarter ended 30th June 2024, showing net Profit standing at highest ever at Rs.1009.53 Cr, growing by 18.25 % and the Operating Profit is highest ever at Rs. 1500.91 Cr.

Total Business of the Bank reached Rs. 486871.33 Cr registering a growth of 19.92 % as of 30 June 2024. Total Deposits increased from Rs. 222495.50 Cr as on 30th June 2023 to Rs.266064.69 Cr as on th June 2024.

The Bank registered Operating Profit of Rs.1500.91 Cr and Net Profit of Rs.1009.53 Cr for the quarter ended 30th June 2024. Operating profit recorded a growth of 15.25 % on a year-on-year basis.

 

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Net Interest Income grew 19.46 % from Rs. 1918.59 Cr to Rs.2291.98 Cr as of 30th June 2024. The total income of the Bank grew 25.87 % to reach Rs.7246.06 Cr. Earnings per share (EPS) annualized is Rs 16.60.

In terms of asset quality, Gross NPA of the Bank as at the end of Q1 FY25 stood at Rs. 4738.35 Cr, which as a percentage to Gross Advances stood at 2.11 %. The Net NPA and Net NPA as a percentage to Net Advances as on 30th June 2024 stood at Rs. 1330.44 Cr and 0.60% respectively. Provision Coverage Ratio excluding Technical Write Off was 70.79 %. ROA & ROE of the Bank for the quarter stood at 1.27 % and 13.64 % respectively.

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