Federal Bank Q3 Results: Net profit up 25% to ₹1,007 crore, NII grows 8.5% YoY
₹1,006.74 crore for the third quarter of FY24, registering a growth of 25.3% from ₹803.61 crore in the corresponding quarter of last year. Federal Bank’s net interest income (NII) in Q3FY24 increased 8.5% to ₹2,123.4 crore from ₹1,956.5 crore, YoY.
The lender’s net interest margin (NIM) during the December quarter fell to 3.19% from 3.22% in September quarter. On the asset quality front, gross non-performing assets (NPA) of the bank as at the end of Q3FY24 rose to ₹4,628.79 crore from ₹4,436.05 crore in Q2FY24.
As a percentage of gross advances, GNPA increased by 3 basis points (bps) to 2.29% from 2.26%, QoQ. Read HDFC Bank Q3 Results Live Updates here Net NPA in the quarter ended December 2023 rose 4.4% to ₹1,284.37 crore from ₹1,229.81 in September quarter, while Net NPA as a percentage to Net Advances were stable at 0.64%.
Provision Coverage Ratio excluding Technical Write Off was 71.08%. Slippages in Q3FY24 dropped to ₹496 crore from ₹373 crore, QoQ.
At 1:30 pm, Federal Bank shares were trading 1.67% lower at ₹150.45 apiece on the BSE. Catch Live Market Updates hereMilestone Alert!
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