Federal Bank declares impressive Q1 results

Private sector leading bank, Federal Bank today reported a net profit of Rs 854 crore for the April-June 2023 quarter, a jump from Rs 600 crore in the corresponding period of previous year.

The bank’s gross NPA also improved to 2.38 percent from 2.69 percent & net NPA stood at 0.69 percent, improving from 0.94 percent compared to last year.

The bank’s corporate/wholesale banking recorded a revenue of Rs 1642 crores from Rs 1077 crores in June 2022.

Retail banking, forming the majority of the revenue of the bank, jumped to Rs 3311 crores from Rs 2433 crores.

Digital banking lending recorded a revenue of Rs 303 crores from Rs 172 crores last year.

Its treasury revenue jumped to Rs 773 crores from Rs 548 crores in the corresponding quarter last year.

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