Federal Bank logs Rs 803 Cr net income for Q3

Private sector Federal Bank closed the third quarter of FY23 with a net profit of Rs 803.61 crore.

According to the bank, for the quarter that ended December 31, 2022, it had earned a net profit of Rs 803.61 crore (Q3FY21 Rs 521.73 crore) on a total income of Rs 4,967.25 crore (Rs 3,926.75 crore).

Net Interest Income for the quarter that ended December 31, 2022, grew by 27.14 percent to Rs 1,956.53 crore from Rs 1,538.90 crore for the quarter that ended December 31, 2021.

Other Income of the bank grew to Rs 534.00 crore from Rs 484.19 crore for the quarter that ended December 31, 2021.

The net interest margin increased by 22 bps to reach 3.49 percent, Federal Bank said.

According to Shyam Srinivasan, Managing Director & CEO, an all-around strong operating performance has helped us deliver the highest-ever quarterly profit of about Rs 804 crore.

"Credit Cost has improved on the back of continued strong asset quality, with GNPA (gross non-performing assets) and NNPA (Net NPA) at 2.43 percent and 0.73 percent respectively. Broad-based asset growth of 19 percent, coupled with core revenue profile has yielded a higher ROA, currently at 1.33 percent," Srinivasan said.