Federal Bank reported nearly flat net profit at Rs 906 crore for the quarter ended March 31, according to the exchange filing issued on May 2.
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Sequentially, the net profit fell 10 percent from Rs 1,007 crore in Q3FY24, the filing showed.
The company also declared a dividend of Rs 1.2 per equity share for FY24.
Shares of Federal Bank were trading over 3.48 percent higher at Rs 168.15 apiece on BSE post earnings announcement. The stock rose by nearly 5 percent to hit 52-weak high at 170.25 apiece earlier today.
The bank’s net interest income at Rs 2,195.11 core was its highest-ever, recording a jump of 15 percent, while the asset quality improved marginally, the company statement said.
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The gross non-performing assets improved 23 bps YoY to 2.13 percent, while the net non-performing assets 9 bps to 0.6 percent.
Shyam Srinivasan, managing director & CEO, said, “FY24 was yet another strong year which saw us set new benchmarks in our journey towards building the most admired bank.”
Srinivasan further said that the bank’s branches are not spread out across the country after a 10 percent increase in its footprint.
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“We look forward to the year ahead with confidence and are focused on delivering many bespoke customer propositions that establishes the presence of “Brand Federal” as the first choice for our valued customers,” the bank MD added.
