Federal Bank reports ₹906.3cr Q4 net profit

Kochi: Kerala-based Federal Bank reported a net profit of Rs 906.30 crore in the fourth quarter of FY24, compared to Rs 902.6 crore in the year-ago quarter.
The lender’s net interest income grew 14.97% in the quarter to Rs 2,195.11 crore from Rs 1,909.29 crore in the same period last year. Total income stood at Rs 6,732.23 crore, higher than Rs 5,454.60 crore generated in the same quarter of FY 23.Annualized EPS was Rs 14.97, the bank said in its earnings statement.

Operating profit declined to Rs 1,110.35 crore from Rs 1,334.57 crore in the prior-year period. Total business of the bank reached Rs 4,61,937.36 crore as on March 31, 2024, registering a growth of 19.11% from Rs 3,87,832.93 crore as on March 31, 2023. Total deposits increased 18.35% to Rs 2,52,534.02 crore from Rs 2,13,386.04 crore as on March 31, 2023.
Commenting on the results, Shyam Srinivasan, MD & CEO of Federal bank, said, “FY 24 was yet another strong year which saw us set new benchmarks in our journey towards building the most admired bank.”
“We look forward to the year ahead with confidence and are focused on delivering many bespoke customer propositions that establishes the presence of ‘Brand Federal’ as the first choice for our valued customers,” he noted. The bank’s gross NPA at the end of Q4 FY24 stood at Rs 4,528.87 crore. Net NPA and net NPA as a percentage to net advances stood at Rs 1,255.33 crore and 0.60%, respectively.