Federal Bank Q2 Net Profit Soars To Rs 953.82 Crore, Shares Remain Flat

Federal Bank has been witnessing a strong momentum on the bourses, after reaching a trough in the mid-year. On a year-to-date basis, the southern bank has witnessed an uptrend reaching the Rs 150 price level, up by nearly 12 points or 8 per cent.

During the Monday’s trading session, share price of Federal Bank was close to its 52-week-high but later got into the red territory ahead of its Q2 results. At 03:00 pm, the stock was trading flat at Rs 148 price level, down by nearly 1.05 point on the National stock Exchange (NSE).

Federal Bank announced a record quarterly net profit of Rs 953.82 crore in Q2FY24, according to a company filing. During the July-to-September quarter, the bank's total deposits surged by 23 per cent YoY to reach Rs 2,32,868 crore, while its advances grew by 19 per cent YoY to Rs 1,92,816 crore.

The bank also reported a reduction in its Gross Non-Performing Assets (GNPA) to 2.26 per cent and Net Non-Performing Assets (NNPA) to 0.64 per cent. This marks an improvement from the figures of 2.46 per cent for GNPA and 0.78 per cent for NNPA reported in Q2FY23.

“The Q2 Results are a sigma of many of our initiatives coming together well and have 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.” Said Shyam Srinivasan, Managing Director and CEO of Federal Bank.

Rekha Jhunjhunwala, among the most prominent investors, holds 7,27,13,440 shares of Federal Bank, which accounts for 3.03 per cent of the private lender's total paid-up capital, based on the latest shareholding pattern available on the Bombay Stock Exchange.