Federal Bank has reported a net profit of Rs 906 crore in the March 2024 quarter, which is almost the same as the net profit of Rs 903 crore in the fourth quarter of the 2022-23 fiscal. However, Federal Bank its total income has increased by 23.42% to Rs 6,732 crore in the January-March period, and the net interest income has grown by 15% to Rs 2,195 crore. For the full 2023-24 fiscal, Federal Bank’s net profit has grown by 24% to Rs 3,721 crore, compared to the net profit of about Rs 3,011 crore in 2022-23. The Federal bank’s board has recommended a dividend of 60% per equity share having a face value of Rs 2 for the year ended March 2024.
Federal Bank’s Managing Director & CEO, Shyam Srinivasan, has highlighted the bank’s expansion, stating that “with a 10% increase in our footprint, our branches now dot the map, across the length and breadth of India.” The bank has also invested significantly in technology and digital capabilities, which have helped it to serve clients in over 15,000 pin codes.
Shares of Federal Bank were trading at Rs 168.45 apiece, up 3.66% over the previous close on the BSE.