Federal Bank Wraps Up FY 24 With 24% Rise in Profit

by Psu Connect
Date: 02-05-24

The Board of Directors at its meeting held has recommended a dividend of 60% per equity share having a face value of Rs.2 for the year ended 31st March 2024. The dividend will be paid after the approval of shareholders at the Annual General Meeting.

Federal Bank Wraps Up FY 24 With 24% Rise in Profit

Federal Bank announced the Financial Results for the quarter and year ended 31st March 2024. Total Business of the Bank reached Rs. 461937.36 Cr registering a growth of 19.11% as of 31st March 2024.

Net Profit of the bank is at Rs.906.30 Cr. While the Bank has recorded the Highest Ever NII, up by 14.97% to ? 2195.11 Cr. The Bank registered an Operating Profit of Rs.1110.35 Cr and Net Profit of Rs.906.30 Cr for the quarter ended 31st March 2024.

The gross NPA of the Bank as at the end of Q4 FY24 stood at Rs. 4528.87 Cr, which as a percentage of Gross Advances stood at 2.13%. The Net NPA and Net NPA as a percentage to Net Advances as of 31st March 2024 stood at Rs. 1255.33 Cr and 0.60% respectively. Provision Coverage Ratio excluding Technical Write Off was 71.08%.

Total Deposits increased from Rs.213386.04 Cr as of 31st March 2023 to Rs.252534.02 Cr as of 31st March 2024, registering a growth of 18.35%. On the Asset side, Net advances increased from Rs. 174446.89 Cr as of 31st March 2023 to Rs. 209403.34 Cr on 31st March 2024. Retail Advances grew by 20.07 % to reach Rs.67435.34 Cr. Business Banking advances grew by 21.13 % to reach Rs.17072.58 Cr. Commercial Banking grew by 26.63% to Rs.21486.65 Cr. Corporate Advances registered a growth of 11.97 % to reach Rs.73596.09 Cr. The CV/ CE advances grew by 57.45 % to reach Rs 3441.80 Cr.

Net Interest Income grew 14.97 % from Rs.1909.29 Cr to Rs.2195.11 Cr for the quarter ended on 31st March 2024. Total income of the Bank for the quarter grew by 23.42% to reach Rs.6732.23 Cr. Earnings per share (EPS) annualized is Rs 14.97.