Federal Bank Share Price Jumps 1.16% After Q3 Profit Rises 54% To ₹804 Crore

Federal Bank’s Net Interest Income for the Q3FY22 grew by 27.14 per cent to Rs 1,956.53 crore from Rs 1,538.90 crore during Q3FY21.

New Delhi:  Private sector lender Federal Bank has closed the third quarter (Q3) of the financial year 2022-2023 (FY23) with a net profit of Rs 803.61 crore. For the quarter ended 31 December 2022, the bank earned a net profit of Rs 803.61 crore which is a 54 per cent year on year (YOY) increase (Q3FY21: Rs 521.73 crore) on a total income of Rs 4,967.25 crore (Q3FY21: Rs 3,926.75 crore).

Federal Bank’s Net Interest Income for the Q3FY22 grew by 27.14 per cent to Rs 1,956.53 crore from Rs 1,538.90 crore during Q3FY21.

Other Income of the bank grew to Rs 534.00 crore from Rs 484.19 crore for the quarter ended December 31, 2021.

The net interest margin increased by 22 bps to reach 3.49 per cent, Federal Bank said.

According to Shyam Srinivasan, Managing Director & CEO, an all-round strong operating performance has helped us deliver the highest ever quarterly profit of about Rs 804 crore.

“Credit Cost has improved on the back of continued strong asset quality, with GNPA (gross non performing assets) and NNPA (Net NPA) at 2.43 per cent and 0.73 per cent respectively. Broad based asset growth of 19 per cent, coupled with core revenue profile has yielded a higher ROA, currently at 1.33 per cent,” Srinivasan said.

After the results were out Monday  afternoon, the shares of Federal Bank closed on the NSE at Rs 140.05, which is 1.16 per cent greater than previous close at Rs 138.45.

(With IANS inputs)