Federal Bank share price trades flat after posting record Q2 profit

The lender reported its highest-ever quarterly net profit of Rs 953.82 crore in Q2FY24, said the company in an exchange filing.

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Shares of Federal Bank were trading flat at Rs Rs 149.2 on October 16 at 13.05 pm after the company reported a 35 percent increase in net profit year-on-year (YoY) in the July-to-September quarter.

The lender reported its highest-ever quarterly net profit of Rs 953.82 crore in Q2FY24, said the company in an exchange filing.

Total deposits for the lender increased 23 percent YoY to Rs 2,32,868 crore in the July-to-September quarter. Federal Bank’s advances grew 19 percent YoY to Rs 1,92,816 crore in the same period.

Return on assets and return on equity of the bank in the same period stood at 1.36 percent and 15.72 percent respectively.

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In the same period, Gross Non Performing Assets (GNPA) and Net Non Performing Assets (NNPA) were brought down to 2.26 percent and 0.64 percent respectively. In Q2FY23, the GNPA number was 2.46 percent and NNPA number was 0.78 percent.

Shyam Srinivasan, Managing Director and CEO of Federal Bank said, “The Q2 Results are a sigma of many of our initiatives coming together well and has helped us deliver our highest ever profits. Some of the marquee investments we raised in Q2 are a true testimony to our governance, social and environmental commitment standards.”

The stock has given 8 percent returns since January 1 and 13 percent returns in the last one year.

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