Total income jumped 33.59% year on year to Rs 6,185.70 crore during the quarter.

Operating profit before provisions and contingencies grew 9.26% YoY to Rs 1,324.45 crore in the quarter ended 30 September 2023.

The bank reported highest ever net interest income at Rs 2,056.42 crore in Q2 FY24, registering a growth of 16.72% from Rs 1,761.83 crore posted in the same quarter last year.

Provisions and contingencies slumped 83.61% to Rs 43.90 crore in the second quarter of FY24 from Rs 267.86 crore reported in Q2 FY23.

Net worth of the bank jumped 32.70% YoY to Rs 26,032.07 crore as on 30 September 2023. The capital adequacy ratio (CRAR) of the bank, computed as per basel III guidelines, stood at 15.50% as on 30 September 2023 as against 13.84% as of 30 September 2022.

On asset quality front, the gross non-performing assets (GNPA) was Rs 4,436.05 crore as on 30 September 2023 as against Rs 4,4031.06 crore as on 30 September 2022.The ratio of gross NPA stood at 2.26% in Q2 FY24 as compared to 2.46% in Q2 FY23. The ratio of net NPA was at 0.64% in Q2 FY24 as against 0.78% in Q2 FY23.

Provision coverage ratio excluding technical write off was at 71.03%.

Net advances recorded a growth of 19.58% to Rs 1,92,816.69 crore as on 30 September 2023 from Rs 1,61,240.32 crore as on 30 September 2022. Total deposits surged 23.12% YoY to Rs 2,32,868.43 crore as on 30 September 2023.

During the quarter, retail advances grew by 18.05% to reach Rs 62,009.00 crore. Agri advances stood at Rs 25,115 crore, registering a growth of 23.56%. Business banking advances rose 18.16% to Rs 15,997.14 crore. Commercial banking grew by 23.82% to Rs 19,729 crore.

Return on assets (ROA) & Return on equity (ROE) of the Bank for the quarter stood at 1.36% and 15.72% respectively.

Shyam Srinivasan, managing director & CEO, Federal Bank said, “The Q2 results are a sigma of many of our initiatives coming together well and has helped us deliver our highest ever profits. Some of the marquee investments we raised in Q2 are a true testimony to our governance, social and environmental commitment standards.”

Federal Bank operates through four segments: treasury, corporate or wholesale banking, retail banking and other banking operations. The bank has 1,389 branches and 1,935 ATMs/recyclers as on 30 September 2023.

Shares of Federal Bank shed 0.70% to Rs 148.45 on the BSE.