Federal Bank wraps up FY 24 with 24% rise in profit

Federal Bank wraps up FY 24 with 24% rise in profit

Kolkata: Federal Bank has announced the Financial Results for the quarter and year ended 31st March 2024. The key highlights of the results on a Y-o-Y basis are as follows:

  • Total Business of the Bank reached Rs. 4,61,937.36 Cr.
  • Highest Ever NII, up by 14.97% to Rs. 2195.11 Cr.
  • Net Profit at Rs. 906.30 Cr.
  • Operating Profit at Rs.1,110.35 Cr
  • ROA for Q4 stood at 1.22 % and ROE stood at 12.75 %.
  • GNPA and NNPA at 2.13% and 0.60% respectively.
  • Total Deposits increased by 18.35 %.
  • Total Net Advances increased by 20.04 %.

Shyam Srinivasan, Managing Director & CEO, Federal Bank said, “FY 24 was yet another strong year which saw us set new benchmarks in our journey towards building the Most Admired Bank. With a 10% increase in our footprint, our branches now dot the map, across the length and breadth of India. The physical distribution is buttressed with significant investments in Technology and Digital capabilities, helping us serve clients in over 15000 pin codes.”

Shyam Srinivasan added, “We look forward to the year ahead with confidence and are focused on delivering many bespoke customer propositions that establishes the presence of “Brand Federal” as the First Choice for our valued customers.”

The Board of directors at its meeting has recommended a dividend of 60% per equity share having face value of Rs.2 for the year ended 31stMarch 2024. The dividend will be paid after the approval of shareholders at the Annual General Meeting.

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