Federal Bank Q4 Profit Flat at Rs 906 cr - Business News

New Delhi, May 2 (PTI) Federal Bank on Thursday reported a flat net profit of Rs 906 crore in the March 2024 quarter.

The bank had a net profit of Rs 903 crore in the fourth quarter of the 2022-23 fiscal.

Its total income rose 23.42 per cent to Rs 6,732 crore in the January-March period. The net interest income grew 15 per cent to Rs 2,195 crore.

For the full 2023-24 fiscal, Federal Bank's net profit grew 24 per cent to Rs 3,721 crore. In 2022-23, the bank had a net profit of about Rs 3,011 crore.

The bank's board also recommended a dividend of 60 per cent per equity share having a face value of Rs 2 for the year ended March 2024.

Federal Bank Managing Director & CEO Shyam Srinivasan said, "With a 10 per cent increase in our footprint, our branches now dot the map, across the length and breadth of India. The physical distribution is buttressed with significant investments in technology and digital capabilities, helping us serve clients in over 15,000 pin codes."

Shares of Federal Bank were trading at Rs 168.45 apiece, up 3.66 per cent over the previous close on the BSE.