Private Sector Lender Federal Bank, on 16 October, announced its quarterly report for the July-September quarter of the current fiscal year.

The bank reported a 35.54% YoY increase in its net profit at Rs 953.82 crore for the quarter under review against the Rs 703.71 crore reported in the same quarter of the previous fiscal year.

The total deposit of the bank saw a 23.12% growth to Rs 2.23 lakh crore in the quarter under review against the Rs 1.89 lakh crore reported during the same period of the previous fiscal year.

Retail advances and business and banking advances grew by 18% YoY to Rs 62,009 crore and Rs 15,997 crore, respectively, for the quarter under review.

The lender’s gross non-performing asset was improved to 2.26% from 2.38% in the corresponding quarter of the same fiscal year. The net non-performing asset stood at 0.64% for the quarter under review against 0.69% in Q1FY24.

The gross NPA of the bank amounted to Rs 4,436.05 for the July-September quarter of the current fiscal year, compared to Rs 4,031.06 crore reported in the year-ago quarter.

The net NPA for Q2FY24 stood at Rs 1,229.81 crore, which is marginally lower than the Rs 1,262.35 crore reported in the same quarter of the previous fiscal year.

The Net Interest Income saw a 16.72% YoY increase to Rs 2,0556.42 crore from the Rs 1,761.83 crore reported in Q2 of the previous year.