Private sector lender Federal Bank on Friday reported its highest quarterly net profit of ₹902.61 crore for the January-March quarter of fiscal 2022-23, recording year-on-year growth of 67 percent.
The bank’s net profit stood at Rs 540.54 crore in the January-March quarter of 2021-22.
In a stock exchange filing, the lender also reported the highest operating profit ever at ₹1,335 crore for the quarter, up 67 per cent year-on-year.
Net interest income stood at ₹1,909.29 crore in the last quarter of FY23, up 25.18% from ₹1,525.21 crore in the prior-year quarter.
The bank also said gross non-performing assets fell to 2.36 percent in the fourth quarter of the latest fiscal year from 2.8 percent in the year-ago quarter. Net NPA was 0.69% compared to 0.96% in Q4 2021-22.
Federal Bank’s net profit for the fiscal year ending March 2023 was Rs 3,010.59 crore, a growth of 59.31% YoY.
Commenting on the results and financial performance, Shyam Srinivasan, MD and CEO of Federal Bank, said, “The steady performance exhibited throughout the year has delivered net annual profit of ₹3,010.59 crore while maintaining benign asset quality in all segments.
The bank’s annual net interest income increased from Rs 5,961.96 crore to Rs 7,232.16 crore, recording a growth of 21.31% in March 2023.
The bank’s capital adequacy ratio (CRAR), calculated according to Basel III guidelines, stood at 14.81 percent as of end-March 2023, the lender said in the filing.