On Tuesday, Federal Bank reported its highest-ever standalone net profit at Rs 1,007 crore for the quarter ended December, up 25% from Rs 804 crore reported in the year-ago period. Sequentially it was up 5.5% versus Rs 954 crore reported in Q2FY24.
Federal Bank on Tuesday reported a net profit of Rs 1,007 crore for the December quarter of the financial year 2023-24, a 25 per cent jump on a year-on-year basis.
Federal Bank Q3 earnings: Net interest income (NII) for the quarter came in at Rs 2,123 crore, up 8.48 per cent YoY over Rs 1,957 crore in the corresponding quarter last year.
Federal Bank reported its highest-ever standalone net profit of Rs 1,007 crore in Q3FY24, a 25% YoY increase. Additionally, the bank achieved its highest-ever net interest income of Rs 2,123 crore. The net advances at the end of the quarter stood at Rs 199,185 crore, showing an 18% YoY growth. The bank also registered a 24% YoY growth in the retail book and an 18% YoY growth in the business banking book.
The bank s net interest margin for the quarter under review at 3.19% was the lowest in the past five quarters, while the highest at 3.55% was seen in the year-ago period.