Federal Bank reports Rs 903 cr profit for Jan-Mar, up by 67%

New Delhi: Private sector lender Federal Bank on Friday reported its highest-ever quarterly net profit of Rs 902.61 crore for the January-March quarter of FY2022-23, registering an annual growth of 67 per cent.

The bank's net profit stood at Rs 540.54 crore in the January-March quarter of 2021-22.

In a stock exchange filing, the lender also reported the highest-ever operating profit at Rs 1,335 crore for the quarter, up 67 per cent year-on-year.

The net interest income stood at Rs 1,909.29 crore in the last quarter of FY23, up 25.18 per cent from Rs 1,525.21 crore in the year-ago quarter.

The bank also said gross NPAs came down to 2.36 per cent in the fourth quarter of the last fiscal compared to 2.8 per cent in the year-ago quarter. The Net NPA was at 0.69 per cent compared to 0.96 per cent in the fourth quarter of 2021-22.

Federal Bank's net profit for the fiscal ending March 2023 was at Rs 3,010.59 crore, a growth of 59.31 per cent on an annual basis.

Commenting on the results and financial performance, Shyam Srinivasan, MD and CEO of Federal Bank said: "The consistent performance exhibited throughout the year has yielded net annual profit of Rs 3,010.59 crore while maintaining benign asset quality across the segments".

Bank's annual net interest income increased from Rs 5,961.96 crore to Rs 7,232.16 crore registering a growth of 21.31 per cent as on March 2023.

The Capital Adequacy Ratio (CRAR) of the bank, computed as per Basel III guidelines, stood at 14.81 per cent at end-March 2023, the lender said in the filing.