Federal Bank has reported a nearly flat net profit of Rs 906 crore for the quarter ended March 31, according to an exchange filing issued on May 2.
The net profit fell by 10 percent from Rs 1,007 crore in the previous quarter, as shown in the filing.
The bank also declared a dividend of Rs 1.2 per equity share for the fiscal year 2023-24.
Shares of Federal Bank were trading over 3.48 percent higher at Rs 168.15 apiece on BSE following the earnings announcement. The stock rose by nearly 5 percent to hit a 52-week high at Rs 170.25 apiece earlier today.
The bank’s net interest income reached its highest-ever at Rs 2,195.11 crore, recording a jump of 15 percent. Additionally, the asset quality improved marginally, the company statement said. Gross non-performing assets improved 23 basis points year-on-year to 2.13 percent, while net non-performing assets improved by 9 basis points to 0.6 percent.
Speaking about the bank’s performance, MD Srinivasan mentioned that the bank’s branches are not spread out across the country after a 10 percent increase in its footprint.
“We look forward to the year ahead with confidence and are focused on delivering many bespoke customer propositions that establish the presence of ‘Brand Federal’ as the first choice for our valued customers,” he added.
