Federal Bank Q4 net profit up 67 percent at Rs 902.61 crore
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New Delhi/Mumbai (Best Hindu News): Private sector Federal Bank has earned a net profit of Rs 902.61 crore in the fourth quarter (January-March) of the financial year ended March 31, 2023, compared to a net profit of Rs 540.54 crore in the year-ago period. This represents a whopping 67 per cent growth as compared to Rs.
Announcing the results of the last financial year and its fourth quarter, the bank’s Managing Director and Chief Executive Shyam Srinivasan said on Friday that the bank’s net profit for the entire last financial year was Rs 3010.59 crore, which was Rs 1889.82 crore in the previous financial year. Shows an increase of 59.31 per cent as compared to Rs.
The operating profit for the fourth quarter of FY 2022-23 increased by 67 percent to Rs 1334.58 crore and the operating profit for the entire financial year increased by about 28 percent to Rs 4794.40 crore.
The Bank’s net interest income for the fourth quarter and the full financial year stood at Rs 1909.29 crore and Rs 7232.16 crore, respectively. Net interest income for the fourth quarter registered a year-on-year increase of 25.18 percent and annual net income increased by 21.31 percent.
“With a net profit of Rs 903 crore and highest ever return on equity (ROE) of 17.48 per cent, we are among the best business performers in the banking sector,” Srinivasan said.
The total business of Federal Bank had increased from Rs.3,26,628.92 crore as on March 31, 2022 to Rs.3,87,832.93 crore as on March 31, 2023. This shows a growth of 18.74 per cent in turnover.
Responding to a question from reporters, Srinivasan said that in 16 to 18 months the business of the bank will reach the level of Rs 5 lakh crore. He said, ‘If the conditions are more favorable then this target can be achieved more quickly.’
The gross loan business of the Bank reached Rs.1,77,376.53 crore as on March 31, 2023 as compared to Rs.1,47,639.45 crore as on March 31, 2022, registering a growth of 20.14 percent.
The agriculture loan business of the bank grew by 21.46 per cent to Rs 23,355.00 crore as on March 31, 2023. During this period, the corporate loan business grew by 23.45 per cent to reach Rs 64311.34 crore.
Deposits in the bank grew by 17.44 per cent year-on-year to Rs 2,13,386.04 crore as on March 31, 2023 from Rs 1,81,700.59 crore as on March 31, 2022.
The Board of Directors of the Bank in its meeting today has recommended a dividend at the rate of 50 per cent per equity share of face value of Rs 2 each for the year ending March 31, 2023. The bank has said that the dividend will be paid after the approval of the shareholders in the Annual General Meeting.
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