Federal Bank has released its financial results for the quarter ending September 30, 2024, reporting strong performance across multiple metrics and maintaining a streak of ₹1,000 crore in net profit for the second straight quarter.
Key Financial Highlights (YoY basis):
- Net Profit: ₹1,056.69 crore, up by 10.79% from ₹953.82 crore in Q2 FY24.
- Total Income: ₹7,541.23 crore, marking a 21.91% increase from ₹6,185.70 crore in the previous year’s quarter.
- Operating Profit: Achieved a record ₹1,565.36 crore, rising by 18.19% YoY.
- Net Interest Income (NII): Stood at ₹2,367.23 crore, a 15.11% growth from ₹2,056.42 crore in Q2 FY24.
- Total Business: Reached ₹4,99,418.83 crore, a YoY increase of 17.32%.
Other Key Metrics:
- Return on Assets (ROA): 1.28%
- Return on Equity (ROE): 13.65%
- Gross NPA: Reduced to 2.09%
- Net NPA: Down to 0.57%
- Total Deposits: Grew by 15.56%
- Total Net Advances: Increased by 19.45%
KVS Manian, MD & CEO of Federal Bank, commented on the bank’s robust performance, saying, “Q2 has been robust for the Bank, driven by strong momentum across diverse operational verticals. This is clearly reflected in our consecutive surpassing of the ₹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.”
