Federal Bank on Wednesday reported a standalone net profit of Rs 1,009.5 crore for the quarter ended June 30, 2024, up by 18.2% on a year-on-year (YoY) compared to Rs 853.74 crore reported in Q1FY24.
Meanwhile, on a quarter-on-quarter (QoQ) basis, the profit after tax (PAT) surged by 11.4% from Rs 906.3 crore reported in Q4FY24.
Net interest income (NII) for the quarter stood at Rs 2291.98 crore, a 19.46% uptick over Rs 1,918.59 crore reported in Q1FY24.
The Gross NPA of the bank as of the end of the June quarter of FY25 stood at Rs 4,738.35 crore, representing 2.11% of gross advances. Net NPA was Rs 1,330.44 crore, or 0.60% of net advances, as of June 30, 2024. The Provision Coverage Ratio, excluding technical write-offs, was 70.79%.
ROA & ROE of the bank for the quarter stood at 1.27% and 13.64%, respectively.
The total business of the bank reached Rs 486,871 crore, registering a growth of 19.92% as of June 30, 2024. Total deposits increased from Rs 2,22,495 crore as of the June quarter of 2023 to Rs 2,66,064 crore as of the June quarter of 2024.
On the asset side, net advances increased from Rs 183,487 crore as of June 30, 2023, to Rs 220,806 crore as of June 30, 2024. Retail advances grew by 19.75% to reach Rs 70,020 crore. Business banking advances rose by 20.45% to Rs 18,159 crore, while commercial banking advances grew by 23.71% to Rs 22,687 crore. Corporate advances saw a growth of 12.20%, reaching Rs 76,588.62 crore. Additionally, CV/CE advances surged by 51.73% to Rs 3,728 crore.
As of June 30, 2024, the bank operates 1,518 banking outlets and 2,041 ATMs and cash recyclers.
Shyam Srinivasan, Managing Director and CEO of Federal Bank said, “With an Industry leading growth in both deposits and assets we are gaining share consistently. Our overall focus of dialing up our physical and digital presence is helping us reach a larger footprint across India. It’s been a quarter where we recorded many firsts, however most noteworthy was the fact that our pioneering technology initiatives have been awarded by very reputed stakeholders. We believe the good start; stable credit quality and sustainable retail deposit traction should help us move further towards our aspiration of being the Most Admired Bank.”
