Total income jumped 32.72% year on year (YoY) to Rs 6,592.66 crore in the quarter ended 31 December 2023.

Operating profit before provisions and contingencies climbed 12.8% YoY to Rs 1,437.33 crore during the quarter.

The bank reported highest ever net interest income at Rs 2,123.36 crore in Q3 FY24, registering a growth of 8.53% from Rs 1,956.53 crore posted in the same quarter last year.

Provisions and contingencies reduced 54.09% to Rs 91.22 crore in the third quarter of FY24 from Rs 198.69 crore reported in Q3 FY23.

On asset quality front, the gross non-performing assets (GNPA) was Rs 4,628.79 crore as on 31 December 2023 as against Rs 4,147.85 crore as on 31 December 2022.The ratio of gross NPA stood at 2.29% in Q3 FY24 as compared to 2.43% in Q3 FY23.

The ratio of net NPA was at 0.64% in Q3 FY24 as against 0.73% in Q3 FY23. Provision coverage ratio excluding technical write off was at 71.08%.

Net advances recorded a growth of 18.44% to Rs 1,99,185.23 crore as on 31 December 2023 from Rs 1,68,173.13 crore as on 31 December 2022. Total deposits surged 18.96% YoY to Rs 2,39,591.16 crore as on 31 December 2023.

During the quarter, retail advances grew by 20.39% to Rs 65,041.08 crore. Agri advances stood at Rs 26,646.60 crore, registering a growth of 26.94%. Business banking advances rose 17.80% to Rs 16,679.75 crore. Commercial banking grew by 25.99% to Rs 20,773.55 crore.

Return on assets (ROA) & Return on equity (ROE) of the Bank for the quarter stood at 1.39% and 14.80% respectively.

Net worth of the bank jumped 37.29% YoY to Rs 28,084.72 crore as on 31 December 2023. The capital adequacy ratio (CRAR) of the bank, computed as per basel III guidelines, stood at 15.02% as at the end of the quarter.

Shyam Srinivasan, managing director & CEO, Federal Bank said, “With an increase of over 100 branches in the past calendar year and a similar number planned for this year, our growth trajectory is well poised to sustain this positive momentum.”

Federal Bank operates through four segments: treasury, corporate or wholesale banking, retail banking and other banking operations. The bank has 1418 branches and 1960 ATMs/ recyclers as on 31 December 2023.

Shares of Federal Bank declined 2.16% to end at Rs 149.70 on the BSE.