Federal Bank earned an interest of Rs 5349.77 crore during the quarter as against Rs 3843.09 crore in Q1FY23.
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Federal Bank on Thursday posted its fiscal first quarter profit for the financial year 2023-24 at Rs 880.12 crore, up 38.8 per cent in comparison to Rs 634.22 crore during the same quarter last year, beating analyst expectations. According to a CNBC TV 18 poll, it was expected to post a profit of Rs 837.9 crore. The private sector bank earned an interest of Rs 5349.77 crore during the quarter as against Rs 3843.09 crore in Q1FY23. Federal Bank’s total income for the quarter was at Rs 6091.08 crore while the total expenditure for Q1FY24 was reported at Rs 4723.95 crore.
Its gross NPA during the quarter was at Rs 4610.79 crore, up 7.9 per cent as against Rs 4273.04 crore during the same quarter last year. The net NPA was at Rs 1404.34 crore
Federal Bank posted treasury consolidated revenue at Rs 764.33 crore. Its corporate/ wholesale banking division recorded a revenue of Rs 1636.30 crore. Its retail banking vertical posted revenue at Rs 3645.58 crore wherein digital banking revenue was at Rs 303.40 crore, and other retail banking operations clocked revenue of Rs 3342.18 crore.
During the previous quarter ended March 2023, Federal Bank posted a profit jump of 62.4 per cent at Rs 953.91 crore. The bank’s provisions had increased by 49.2 per cent on-year to Rs 125.26 crore. The Board of the bank had also recommended the payment of final dividend at Re 1 per equity share of the face value of Rs 2 each (50 per cent) for the financial year 2022-23.
