Federal Bank net profit jumps 53% in Sept quarter

New Delhi [India], October 14 (ANI): Federal Bank on Friday posted a 53 per cent jump in its net profit to Rs703.71 crore for the quarter ended September 30, against Rs460.26 crore in the year-ago period.
The total business of the Aluva (Kochi)-headquartered bank was Rs3,50,386 crore, showing a 14.36 per cent year-on-year growth as on September 30, 2022.
Managing Director and Chief Executive Officer Shyam Srinivasan said, “This has been our strongest quarter till date with very good growth across all key parameters. Strong business momentum has aided meaningful gains in market share. We have delivered the highest ever net profit with Rs704 crore, RoA (return on assets) and RoE (return on earnings) are in the right trajectory and the asset quality of the bank continues to be strong at 2.46% and 0.78%. Credit costs are well controlled at 53 bps. We are encouraged by this and are working to ensure that the trend continues.”
Operating profit of the bank grew 32.91 per cent to Rs1,212.24 crore while net interest income during the quarter grew 19.09 per cent to Rs1,761.83 crore from Rs1,479.42 crore in the year-ago period. Other income of the bank grew by 23.97 per cent to Rs609.52 crore. Net interest margin rose 10 basis points (bps) to reach 3.30 per cent.
Net interest income (NII) for the September quarter 2022 grew 19.09 per cent to Rs1,761.83 crore from 1,479.42 crore in the year-ago period. Other income rose 23.97 per cent to Rs609.52 crore from Rs491.65 crore for the corresponding quarter in the previous year. Net interest margin (NIM) increased by 10 bps to reach 3.30 per cent. (ANI)