Federal Bank, on 16 January, announced its quarterly report for October-December.

The lender reported a 25% year-on-year increase in its net profit to Rs 1,007 crore during the quarter from Rs 803.6 crore reported in the same quarter last year.

The net interest income during the quarter saw an 8.5% YoY increase to Rs 2,123.4 crore from Rs 1,956.5 crore reported in the same quarter of the previous fiscal year. The net interest margin during the quarter slipped to 3.19% from 3.22% recorded in the same quarter last year.

The lender’s gross Non-Performing Assets of the bank stood at Rs 4,628.79 crore at the end of Q3FY24 against Rs 4,436.05 crore recorded in Q2FY24, marking an increase by 3 basis points to 2.29% from 2.26% quarter-on-quarter.

The net non-performing assets rose 4.4% QoQ to Rs 284.37 crore from Rs 1,229.81 crore reported in the previous quarter last year.

Shyam Srinivasan, Managing Director & CEO of Federal Bank, said, “With an increase of over 100 branches in the past calendar year and a similar number planned for this year, our growth trajectory is well poised to sustain this positive momentum. As we grow and diversify across products, segments, and geography, we are further inspired to deliver on our purpose for existence, which is to be the Most Admired Bank in India.”

The bank has increased more than 100 branches in the past calendar year and has a similar number planned for the current year. The company currently has 1,418 branches and 1,960 ATMs as of 31 December 2023.