Federal Bank Q3 profit rises 25% to Rs 1,007 cr

New Delhi: Federal Bank on Tuesday posted 25 per cent increase in profit at Rs 1,007 crore for the third quarter ended December 2023.

The bank had earned a net profit of Rs 804 crore in the same quarter a year ago.

Total income increased to Rs 6,593 crore during the quarter under review from Rs 4,967 crore in the same period last year, Federal Bank said in a regulatory filing.

The private sector bank earned an interest income of Rs 5,730 crore during the quarter compared to Rs 4,433 crore in the same period a year ago.

Gross Non-Performing Assets (NPAs) of the bank declined to 2.29 per cent of gross loans by the end of December 2023 from 2.43 per cent a year ago.

Similarly, net NPAs or bad loans came down to 0.64 per cent from 0.73 per cent at the end of the third quarter of the previous fiscal.