Federal Bank Q2FY25 net profit grows 11% YoY to Rs 1,057 cr, NII grows 15%
Mumbai: Private sector lender Federal Bank reported an 11 percent year-on-year rise in net profit, reaching Rs 1,057 crore for the September quarter, up from Rs 954 crore.
The bank's total income increased to Rs 7,541 crore, compared to Rs 6,186 crore in the same period last year, according to its regulatory filing.
Interest income for the quarter stood at Rs 6,577 crore, up from Rs 5,455 crore a year ago.
Net interest income (NII) grew by 15 percent, reaching Rs 2,367 crore compared to Rs 2,056 crore in the corresponding period last year.
Federal Bank also recorded improved asset quality, with gross non-performing assets (NPAs) falling to 2.09 percent of total loans, down from 2.26 percent a year earlier.
Net NPAs also moderated to 0.57 percent from 0.64 percent at the end of the previous year’s second quarter.
“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,” said KVS Manian, MD & CEO.
The bank’s net worth increased from Rs 26,032 crore to Rs 31,108 crore as of September 2024. However, the Capital Adequacy Ratio (CRAR) slightly decreased to 15.20 percent from 15.50 percent in the same quarter last year.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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