Federal Bank Registers Highest Ever Quarterly Net Profit at ₹1007 Cr

  

Federal Bank Registers Highest Ever Quarterly Net Profit at ₹1007 Cr

Mumbai, 16^th January 2024: Federal Bank announced the Financial Results for the quarter ended 31^st December 2023. The key highlights of the results on a Y-o-Y basis are as follows:

 

Ø  Total Business of the Bank reached Rs 438776.39Cr

Ø  Net Profit highest ever @ Rs 1006.74 Cr, grew 25.28%

Ø  Operating Profit @ Rs1437.33 Cr

Ø  ROA for Q3stood at 1.39% and ROE stood at 14.80 %

Ø  GNPA and NNPA at 2.29% and 0.64% respectively.

Ø  Total Deposits increased by 18.96 %

Ø  Total Net Advances increased by 18.44 %

Ø  Highest ever Net Interest Income at ₹2123.36 Cr, grew by 8.53 %

 

Mr. Shyam Srinivasan, Managing Director & CEO of Federal Bank, expressed his views on this remarkable achievement, “I am pleased that our team's dedicated effort has helped us register an all-time high net profit of 1007 Crores, a significant milestone in the journey of any organization which is dedicated to both growth and excellence.  With an increase of over 100 branches in the past calendar year and a similar number planned for this year, our growth trajectory is well poised to sustain this positive momentum.  As we grow and diversify across products, segments, and geography, we are further inspired to deliveron our purpose for existence, which is to be the Most Admired Bank in India.”

WORKING RESULTS AT A GLANCE  (Rs.in Cr)

Particulars	Q3	Q3	% y-o-y growth
	2023-24	2022-23
Net Profit	1006.74	803.61	é25.28%
Total Income	6592.66	4967.25	é32.72%
Operating Profit	1437.33	1274.21	é12.80%
Net Interest Income	2123.36	1956.53	é8.53%
Total Business	438776.39	369581.25	é18.72%

 Strong Growth – Resilient Balance Sheet Performance

Total Business of the Bank reached Rs. 438776.39 Cr registering a growth of 18.72% as on 31^st December 2023.

Total Deposits increased from Rs.201408.12 Cr as on 31^st December 2022 to Rs.239591.16 Cr as on 31^st December 2023.

 On the Asset side, Net advances increased from Rs 168173.13Cr as on 31^st December 2022 to Rs. 199185.23Cr on 31^st December 2023. Retail Advances grew by 20.39 % to reach Rs.65041.08 Cr. Business Banking advances grew by 17.80 % to reach Rs.16679.75Cr. Commercial Banking grew by 25.99% to Rs.20773.55Cr. Corporate Advances registered a growth of 14.38 % to reach Rs.71978.41Cr. The CV/ CE advances grew by 66.06 % to reach Rs 3057.00 Cr.

Highest EverNet Profit

 The Bank registered Operating Profit of Rs.1437.33 Cr and Net Profit of Rs.1006.74 Cr for the quarter ended 31^st December 2023. Operating profit recorded a commendable growth of 12.80 % on a year-on-year basis.

Remarkable Income Parameters

Net Interest Income grew 8.53% from Rs.1956.53Cr to Rs.2123.36Cr as on 31^st December 2023. Total income of the Bank grew 32.72% to reach Rs.6592.66Cr. Earnings per share (EPS) annualized is Rs 16.54.

Key Ratios

 ROA & ROE of the Bank for the quarter stood at 1.39% and 14.80%respectively.

 Robust Asset Quality

 Gross NPA of the Bank as at the end of Q3 FY23 stood at Rs. 4628.79 Cr, which as a percentage to Gross Advances stood at 2.29%. The Net NPA and Net NPA as a percentage to Net Advances as on 31^st December 2023 stood at Rs. 1284.37Cr and 0.64% respectively. Provision Coverage Ratio excluding Technical Write Off was 71.08%.

 Net Worth & Capital Adequacy

 Net worth of the Bank increased from Rs.20456.75 Cr to Rs.28084.72Cr, as on 31^st December 2023. Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines stood at 15.02% as at the end of the quarter.

Footprint

The Bank has 1418 branches and 1960 ATMs/ Recyclers as on 31^st December 2023.

Growing Brand Salience

An expanding distribution footprint across physical and digital assets is backed by amped up initiatives to increase the visibility for the brand. There is an active increase in salience across segments and geographies being pursued by Federal Bank.

 

MAJOR FINANCIAL INDICATORS (Standalone Nos)                                                      (Rs. in Cr)

Business Figures	As on 31.12.2023	As on 31.12.2022	Growth (%)
Total Deposits	239591.16	201408.12	é18.96%
Net Advances	199185.23	168173.13	é18.44%
CB Advances	20773.55	16488.74	é25.99%
Retail Advances	65041.08	54025.24	é20.39%
Corporate Advances	71978.41	62929.38	é14.38%
Business Banking Advances	16679.75	14159.87	é17.80%
Agri Advances	26646.60	20991.14	é26.94%
Capital
Equity Capital	486.68	422.91
Net Worth	28084.72	20456.75	é37.29%
Capital Adequacy (%)	15.02	13.35
Tier I (%)	13.48	12.13
Tier II (%)	1.54	1.22

  

A presentation for investors is being placed separately on our Bank's website: https://www.federalbank.co.in/financial-result

 

For further information please contact:
Huda Shaikh 7710823343 huda@conceptpr.com	Archana Parthasarathy 9920940003 archana@conceptpr.com