Federal Bank on Wednesday posted its fiscal first quarter profit at Rs 1009.53 crore, up 18.2 per cent in comparison to Rs 853.74 crore recorded during the corresponding quarter of FY24. It registered total interest earned during the quarter at Rs 6330.88 crore, up 26 per cent as against Rs 5024.53 crore during the same period last year. Federal Bank posted Net Interest Income (NII) at Rs 2291.98 crore, up 19.46 per cent. The Bank registered operating profit of Rs 1500.91 crore. Operating profit recorded a growth of 15.25 per cent on a year-on-year basis.
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Federal Bank recorded a total business during the quarter at Rs 4,86,871.33 crore, up 19.92 per cent. The ROA & ROE of the Bank for the quarter stood at 1.27 per cent and 13.64 per cent respectively.
Federal Bank’s total deposits increased by 19.58 per cent to Rs 2,22,495.50 crore as on June 30, 2024. On the asset side, net advances came in at Rs 2,20,806.64 crore as on June 30, 2024. Retail advances grew by 19.75 per cent, business banking advances grew by 20.45 per cent, and commercial banking grew by 23.71 per cent.
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Shyam Srinivasan, Managing Director and CEO, Federal Bank, said, “I am encouraged that we have had a resoundingly strong start to FY 25 and delivered our highest ever quarterly profits. With industry leading growth in both deposits and assets we are gaining share consistently. Our overall focus of dialing up our physical and digital presence is helping us reach a larger footprint across India. It’s been a quarter where we recorded many firsts, however most noteworthy was the fact that our pioneering technology initiatives have been awarded by very reputed stakeholders.”
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Federal Bank’s asset quality
Federal Bank posted gross NPA as at the end of Q1FY25 at Rs 4738.35 crore, which as a percentage to gross advances stood at 2.11 per cent. The net NPA and net NPA as a percentage to net advances as on 30th June 2024 stood at Rs 1330.44 crore and 0.60 per cent respectively. Provision Coverage Ratio excluding Technical Write Off was 70.79 per cent.
