The net interest income (NII) for the first quarter rose nearly 20% to Rs 1,919 crore. It was Rs 1,605 crore in the same period last year.
On a sequential basis, profit fell 5% from Rs 903 crore reported in the preceding March quarter.
Operating profit for the quarter under review stood at Rs 1,302 crore, up 34% from a year ago.
The lender’s provisions (other than tax and contingencies) fell 7% to Rs 155 crore during the June quarter, compared with Rs 167 crore in the year ago period.
The gross non-performing asset (NPAs) ratio fell to 2.38% during the first quarter from 2.69% in the same quarter of last year. Meanwhile, net NPAs improved to 0.69% from 0.94% a year ago.
During the quarter, the Bank posted an operating margin of 22.62%, down from 23.85% in the previous year’s quarter.The total income for the first quarter came in at Rs 5,756 crore, up 41%, compared with Rs 4,081 crore in the corresponding quarter of last year.
Meanwhile, other income during the quarter rose 62% year-on-year (YoY) to Rs 732 crore as against Rs 453 crore in the same quarter last year.
The Bank’s capital adequacy ratio for the reporting quarter was 14.28%, down from 14.81% in the March quarter, and 14.57% in the year-ago quarter.
Total expenses during the first quarter rose 43% YoY to Rs 4454 crore as against Rs 3108 crore reported in the year ago period.
The lender’s corporate banking assets rose 20% to Rs 98,952 crore, as of June 2023, compared with Rs 82519 crore, as of June 2022. Meanwhile, retail banking assets jumped 23% YoY to Rs 1.12 lakh crore.
On Thursday, Federal Bank stock was trading 3.05% lower at Rs 130.15 apiece on NSE.