Federal Bank Q2 results: Standalone net profits up 35% YoY, NPAs down 2.26%

Federal Bank has announced a total revenue of more than Rs 4.25 trillion in the September quarter (Q2FY24) for the financial year 2023-24 (FY24). The bank also recorded its highest net profit at Rs 953.82 crore on a standalone basis, growing by 35.54 per cent year-on-year (Y-o-Y) from Rs 703 crore.

Operating profits were also at its highest at Rs 1,324.45 crore. The bank's Net Interest Income (NII) stood at Rs 2,056.4 crore, up by 16.7 per cent Y-o-Y.

The gross non-performing assets (NPA) of the bank declined to 2.26 per cent from 2.38 per cent in Q2, while net NPA improved to 0.64 per cent from 0.69 per cent quarter-on-quarter.

Commenting on the quarter's performance, the Managing Director & CEO Shyam Srinivasan said, "The Q2 Results are a sigma of many of our initiatives coming together well and has helped us deliver our highest ever profits. Some of the marquee investments we raised in Q2 are a true testimony to our governance, social and environmental commitment standards. We are pleased to deliver on our commitments made to them and do stay determined to make continued progress on all our chosen areas in pursuit of our vision of being the Most Admired Bank."

Consolidated results of Federal Bank showed a Y-o-Y increase in income of 7.5 per cent at Rs 6,548 crore at the end of Q2 from Rs 6,091 crore. The net profit for this period is also up nearly 53 per cent at Rs 1,000 crore, compared to Rs 740 crore in the same period last year. Gross NPA was up 10.6 per cent at Rs 4617 crore from Rs 4,173 crore last year, while net NPA fell less than one per cent at Rs 1,362 from Rs 1,363 last year.