Federal Bank Q2 Results: Profit Rises 11% To Rs 1,057 Crore

Private sector lender Federal Bank on Monday posted an 11% 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 grew 15% 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 declining to 2.09% of the gross loans by the end of September 2024 from 2.26% a year ago.

Similarly, net NPAs, or bad loans, moderated to 0.57% from 0.64% 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 of the bank declined to 15.20% as compared to 15.50% at the end of the same quarter in the previous fiscal year.