Federal Bank on Thursday reported a standalone net profit of Rs 906.30 crore for the quarter ended March 31, 2024, down by 11% on a quarter-on-quarter (QoQ) compared to Rs 1,006.74 crore reported in Q3FY24.
The private lender has also announced a final dividend of Rs 1.20 per share for the financial year 2023-24.
On a year-on-year (YoY) basis, the profit after tax (PAT) was marginally higher by 0.40% from Rs 902.60 crore reported in Q4FY23.
Net interest income (NII) for the quarter stood at Rs 2195.11 crore, a 15% uptick over Rs 1,909 crore reported in Q4FY23.
Credit Growth
On the asset side, the net advances increased from Rs 1,74,446.89 crore as of March 31, 2023, to Rs 2,09,403.34 crore on March 31, 2024. The retail advances grew by 20.07% to Rs 67,435.34 crore in the reported quarter.
Business banking advances grew by 21.13 % to Rs 17,072.58 crore, while commercial banking grew by 26.63% to Rs 21,486.65 crore.
Corporate advances, too, registered a growth of 11.97 % to reach Rs 73,596.09 crore.
Deposit Growth
Total deposits increased from Rs 2,13,386.04 crore as of March 31, 2023, to Rs 2,52,534.02 crore on March 31, 2024, a growth of 18.35%.
Robust Asset Quality
The gross NPAs of the bank at the end of Q4 FY24 stood at Rs 4,528.87 crore, as a percentage of gross advances stood at 2.13%. The Net NPA and Net NPA as a percentage to net advances as of March 31, 2024, stood at Rs 1,255.33 crore and 0.60%, respectively. Provision Coverage Ratio (PCR) excluding technical write-off was 71.08%.“With a 10% increase in our footprint, our branches now dot the map, across the length and breadth of India. The physical distribution is buttressed with significant investments in technology and digital capabilities, helping us serve clients in over 15000 pin codes. We look forward to the year ahead with confidence and are focused on delivering many bespoke customer propositions that establishes the presence of Brand Federal as the First Choice for our valued customers,” said Shyam Srinivasan, Managing Director & CEO of the bank.
