Federal Bank Q1 net rises 64% to ₹601 crore

We delivered strong, broad-based credit growth: Srinivasan

July 15, 2022 08:43 pm | Updated 08:43 pm IST - Bengaluru

Shyam Srinivasan, MD and CEO of Federal Bank

Shyam Srinivasan, MD and CEO of Federal Bank

Federal Bank posted a 64% rise in standalone net profit to ₹601 crore for the first quarter ended June 30 compared with a year earlier.

Net interest income grew 13% to ₹1,605 crore, the bank said at a media conference on Friday.

Total business grew 12% to ₹3,35,045 crore.

“Our financial performance for Q1 FY23 has been very encouraging and reflects the all-round progress we have been making over time,” said MD and CEO Shyam Srinivasan. “We have delivered strong, broad-based credit growth while overall costs have been well managed, resulting in the highest ever profits.,‘ he added.

He said the bank’s asset quality had improved with the gross non performing asset (GNPA) ratio stood at 2.69% compared with 2.8% in the previous quarter, and 3.5% a year earlier. Current account and savings account deposits grew 15%, from a year earlier.

However, he said, the bank’s other income, at ₹453 crore, was impacted by lower treasury gains and loss on revaluation of investments.

Federal Bank currently accounts for 7% of the country’s total non-resident transactions and this business was expected to grow further, Mr. Srinivasan said.

“We are committed to improving on all key metrics in the period ahead with a range of high-quality offerings backed by a very good CRM capability that we have recently launched,’‘ he added.

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