Federal Bank on May 5 reported net profit for the quarter ended March at Rs 902.61 crore, up 66.98 percent from Rs 540.54 crore recorded in the same quarter last year.
Net interest income (NII) of the company came in at Rs 1,909.29 crore, registering a growth of 25.18 percent from Rs 1,525.21 crore, Federal Bank said in a regulatory filing.
Other income for the bank in Q4 came in at Rs 733.9 crore Vs Rs 465 crore year-on-year. However, Capital Adequacy Ratio (CAR) has declined to 14.8% Vs 15.8% (YoY).
The lender said the total business of the bank reached Rs 3,87,832.93 crore as on 31st March 2023 from Rs 3,26,628.92 Cr as on 31st March 2022, registering a growth of 18.74 percent.
Gross Advances reached Rs 1,77,376.53 crore from Rs 1,47,639.45 crore as on registering a growth of 20.14 percent. Agri Advances registered a growth of 21.46 percent. Corporate book registered a growth of 23.45 percent. Retail advances registered a growth of 17.16 percent.
Deposits recorded a growth of 17.44 percent to reach Rs 2,13,386.04 crore from Rs 1,81,700.59 crore.
Net Interest Margin stood at 3.31 percent for FY23, Federal Bank said.
Gross non-performing assets (NPA) for the March-ended quarter have improved marginally to 2.36% Vs 2.43% on a sequential basis. Net NPA too have improved from 0.73% Vs 0.69% (QoQ).
The gross NPA as a percentage to Gross Advances was 2.36 percent as on 31st March 2023. The Net NPA percentage was at 0.69 percent. The Provision Coverage Ratio stood at 70.02 percent.
“This very strong performance is a testimony to the dedicated efforts of the team and the trust of our customers. It’s noteworthy that our market share gains across product categories is gathering momentum quarters,” said Shyam Srinivasan, Managing Director & CEO, Federal Bank.
As of 2 pm, the stock traded down 7 percent to Rs 129.50 on BSE.