Federal Bank Q2 Results: Profit rises 11% to Rs 1,057 crore, NII up 15%

Written by News One October 28, 2024

Private sector lender Federal Bank on Monday posted an 11 per cent increase in net profit to Rs 1,057 crore in the September quarter. The lender had earned a net profit of Rs 954 crore in the year-ago period.

The total income increased to Rs 7,541 crore during the quarter under review against Rs 6,186 crore in the same quarter last year, Federal Bank said in a regulatory filing.

The bank reported an interest income of Rs 6,577 crore during the quarter, higher than Rs 5,455 crore in the same period a year earlier.

Net interest income (NII) grew 15 per cent to Rs 2,367 crore as compared to Rs 2,056 crore in the same quarter a year ago.

As regards asset quality, the bank witnessed improvement with gross non-performing assets (NPAs) declining to 2.09 per cent of the gross loans by the end of September 2024 from 2.26 per cent a year ago.

Similarly, net NPAs, or bad loans, moderated to 0.57 per cent from 0.64 per cent at the end of the second quarter of the previous fiscal year. Net worth of the bank increased from Rs 26,032 crore to Rs 31,108 crore as on September 2024.

However, Capital Adequacy Ratio (CRAR) of the bank declined to 15.20 per cent as compared to 15.50 per cent at the end of the same quarter in the previous fiscal year.

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