• Shares of Federal Bank were trading over 3% at ₹128 in afternoon deals on BSE
Federal Bank on Friday reported a nearly 53% increase in its standalone net profit to ₹703.7 crore for the second quarter ended September 2022 or Q2 FY23, as compared to ₹460.3 crore from the year-ago quarter. Shares of Federal Bank were trading over 3% at ₹128 in afternoon deals on BSE.
Meanwhile, the lender's net interest income (NII), which is the difference between accrued and expenditure, rose nearly 19% year-on-year (YoY) to ₹1,762 crore from ₹1,479.4 crore.
Federal Bank's asset quality also improved as gross non-performing assets (NPAs) stood at 2.46% as compared to 2.69% in the previous quarter. Whereas, its net NPAs declined from 0.94% quarter-on-quarter (QoQ) to 0.78%.
Its provision and contingency increased from ₹166 crore to ₹267.8 crore on a sequential basis, however, decreased as compared to ₹292 crore in the September 2021 quarter. Meanwhile, its capital adequacy ratio (%) under Basel III stood at 14.57% QoQ and 14.97% YoY to 13.84%.
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