Federal Bank Q3 profit rises 25% to ₹1k crore

KOCHI: Federal Bank registered the highest-ever net profit in a quarter at Rs 1,007 crore and an operating profit of Rs 1,437 crore for the quarter ended Dec 31, 2023. The net profit grew at 25.3% and the operating profit at 12.8% on a year-on-year (Y-o-Y) basis.
The net interest income grew 8.5% from Rs 1,956.5 crore to Rs 2,123.4 crore as on Dec 31, 2023.Its total income grew 32.7% to Rs 6,592.7 crore. The bank’s earnings per share (EPS) annualized is Rs 16.54.
The bank’s total deposits grew by 18.96% to Rs 2,39,591 crore in Q3FY24 from Rs 2,01,408 crore in the corresponding period last year. The net advances was at Rs 1,99,185 crore in Q3FY24 as compared to Rs 1,68,173 crore in the corresponding period last year, registering a growth of 18.4%.
“I am pleased that our team’s dedicated effort has helped us register an all-time high net profit of Rs 1,007 crore, a significant milestone in the journey of any organization which is dedicated to both growth and excellence,” said Shyam Srinivasan, managing director & CEO, Federal Bank.

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