Federal Bank’s March quarter results:
Federal Bank reported a consistent net profit of Rs 906 crore in the March 2024 quarter, remaining unchanged from the previous quarter’s Rs 903 crore in the fiscal year 2022-23. The bank’s total income experienced a notable increase of 23.42%, reaching Rs 6,732 crore in the January-March period, while the net interest income saw a growth of 15% to Rs 2,195 crore.
For the entire fiscal year 2023-24, Federal Bank’s net profit surged by 24% to Rs 3,721 crore, compared to approximately Rs 3,011 crore in the preceding fiscal year 2022-23
The bank’s board also proposed a dividend of 60% per equity share with a face value of Rs 2 for the fiscal year ending in March 2024.
Shyam Srinivasan, the Managing Director & CEO of Bank, commented, “Expanding our footprint by 10%, our branches now span across India. Our physical presence is complemented by substantial investments in technology and digital capabilities, enabling us to reach clients in over 15,000 pin codes.” Federal Bank shares were trading at Rs 168.45 each, marking a 3.66% increase from the previous close on the BSE.
Federal Bank Limited, headquartered in Aluva, Ernakulam, Kerala, is an Indian private sector bank. It operates over 1504 banking outlets and 2015 ATMs/CDMs across various states in India, with additional representative offices in Abu Dhabi and Dubai. With a customer base exceeding 18.1 million and a vast network of remittance partners globally, Federal Bank manages a significant portion of India’s inward remittances, collaborating with over 110 Banks/Exchange Companies worldwide. The bank is listed on the Bombay Stock Exchange, National Stock Exchange of India, and London Stock Exchange. Additionally, it operates a branch in India’s inaugural International Financial Services Centre (IFSC) at the GIFT City.
