Federal Bank Q3 Profit Surges 25% to Rs 1,007 Cr

New Delhi, Jan 16 (PTI) Federal Bank on Tuesday posted 25 per cent increase in profit at Rs 1,007 crore for the third quarter ended December 2023.

The bank had earned a net profit of Rs 804 crore in the same quarter a year ago.

Total income increased to Rs 6,593 crore during the quarter under review from Rs 4,967 crore in the same period last year, Federal Bank said in a regulatory filing.

The private sector bank earned an interest income of Rs 5,730 crore during the quarter compared to Rs 4,433 crore in the same period a year ago.

Gross Non-Performing Assets (NPAs) of the bank declined to 2.29 per cent of gross loans by the end of December 2023 from 2.43 per cent a year ago.

Similarly, net NPAs or bad loans came down to 0.64 per cent from 0.73 per cent at the end of the third quarter of the previous fiscal.