Federal Bank Registers Rs 1,000 Cr Profit In Q3 FY24
Federal Bank has reported an operating profit of Rs 1,437.33 crore and a net profit of Rs 1,006.74 crore for the quarter ending on 31 December 2023 (Q3 FY24). The operating profit recorded a commendable growth of 12.80 per cent on a year-on-year (YoY) basis.
The gross non-performing assets (GNPA) of the bank, as of the end of Q3 FY23, stood at Rs 4,628.79 crore, representing 2.29 per cent of gross advances.
As of 31 December 2023, the GNPA and Net NPA as a percentage of net advances stood at Rs 1,284.37 crore and 0.64 per cent, respectively.
The Provision Coverage Ratio, excluding Technical Write-Off, was 71.08 per cent. The net worth of the Bank increased from Rs 20,456.75 crore to Rs 28,084.72 crore as of 31 December 2023.
The Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 15.02 percent at the end of the quarter.
The total business of the Bank reached Rs 4,38,776.39 crore, registering a growth of 18.72 per cent as of 31 December 2023. Total deposits increased from Rs 2,01,408.12 crore as of 31 December 2022 to Rs 2,39,591.16 crore as of 31 December 2023.
On the asset side, net advances increased from Rs 1,68,173.13 crore as of 31 December 2022 to Rs 1,99,185.23 crore on 31 December 2023. Retail advances grew by 20.39 per cent, reaching Rs 65,041.08 crore.
Business Banking advances grew by 17.80 per cent, reaching Rs 16,679.75 crore. Commercial Banking grew by 25.99 per cent, reaching Rs 20,773.55 crore. Corporate Advances registered a growth of 14.38 per cent, reaching Rs 71,978.41 crore.
