Federal Bank’s Net Profit Rises To Rs 1,010 Cr In Q1

Federal Bank reported a record-breaking net profit of Rs 1009.53 crore, marking an 18.25 per cent year-on-year growth for the quarter ending 30 June 2024.

Bank’s total business volume reached at Rs 486,871.33 crore and an operating profit touched Rs 1,500.91 crore. The Return on Assets (ROA) stood at 1.27 per cent, while Return on Equity (ROE) was 13.64 per cent. Both Gross Non-performing Assets (GNPA) and Net Non-performing Assets (NNPA) were reduced to 2.11 per cent and 0.60 per cent, respectively, demonstrating improved asset quality.

The bank saw a significant increase in total deposits, which grew by 19.58 per cent and total net advances, which rose by 20.34 per cent. Net Interest Income (NII) also saw a robust growth of 19.46 per cent, reaching Rs 2291.98 crore.

Managing Director and CEO of Federal Bank, Shyam Srinivasan said, “I am encouraged that we have had a resoundingly strong start to FY25 and delivered our highest ever quarterly profits. With an industry-leading growth in both deposits and assets, we are gaining share consistently.”