Federal Bank Q2 net profit grows 11% to ₹1,057 crore


Federal Bank Ltd. second-quarter net profit grew 11% to Rs.1,057 crore from the year-earlier period due to 15% growth in Net Interest Income (NII) at Rs. 2,367.23 crore.

Total income at the end of the quarter grew 21.91% to reach Rs.7,541.23 crore. Gross NPA of the bank as at the end of Q2 FY25 stood at Rs. 4,884.49 crore, which as a percentage to gross advances stood at 2.09%. 

The Net NPA and Net NPA as a percentage to net advances as on September 30 stood at Rs. 1,322.29 crore and 0.57 % respectively. Provision Coverage Ratio excluding Technical Write Off was 71.82 %, the bank said.

Capital Adequacy Ratio (CRAR) of the bank, computed as per Basel III guidelines stood at 15.20% as at the end of the quarter.

Total Business of the bank reached Rs. 4,99,418.83 crore, up 17.32 % as on September 30.

Total deposits increased YoY from Rs.2,32,868.43 crore to Rs. 2,69,106.59 crore.

Net advances for the quarter increased Year on Year (YoY) from Rs 192816.69 crore to Rs. 230312.24 crore. 

Retail advances grew by 17.24 % to Rs.72,701.75 crore. Business banking advances grew by 19.26% to Rs. 19,121.18 crore, commercial banking grew by 24.34 % to Rs. 24,493.35 crore and corporate advances registered a growth of 10.48 % to reach Rs.77,953.84 crore. The Commercial Vehicles/ Commercial Equipment advances grew by 43.83% to Rs. 3,932.30 crore, the bank said.

KVS Manian, MD & CEO of Federal Bank said, “The second quarter as been robust for the bank, driven by strong momentum across diverse operational verticals. This is clearly reflected in our consecutive surpassing of the Rs. 1,000 crore net profit milestone for two quarters in a row.”

“Our deposits, now upgraded to AAA by CRISIL, signify a sturdy core of the franchise. Business momentum across verticals has been strong and inclusive, and asset quality improvements have been notable. We are committed to sustaining and building on this strong momentum to achieve continued success for the bank,” he added.



Source link

  • Related Posts

    Fintech Progcap to digitise supply chains of MSMEs to make them part of formal economy

    ED raids offices of sellers using Amazon, Flipkart platforms in FEMA probe

    Leave a Reply

    Your email address will not be published. Required fields are marked *