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Central Bank registers highest ever net profit at Rs 704 cr

New Delhi: Federal Bank announced on October 14 that its net profit for the three months ended in September 2022 increased by 53% year over year (YoY), to Rs 704 crore. The net profit for the same period a year ago was Rs. 460 crore. To Rs 1,761.83 crore, net interest income (NII) increased by […]

Edited By : Vikas Kumar | Updated: Oct 15, 2022 11:29 IST
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New Delhi: Federal Bank announced on October 14 that its net profit for the three months ended in September 2022 increased by 53% year over year (YoY), to Rs 704 crore. The net profit for the same period a year ago was Rs. 460 crore. To Rs 1,761.83 crore, net interest income (NII) increased by 19% year over year.

The stock increased today on the National Stock Exchange by 4.6 percent, closing at Rs 130.75. (NSE). The share price has increased by over 50% during the course of the year.

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Asset quality for the bank increased sequentially, with gross non-performing assets (NPAs) falling to 2.46 percent from 2.69 percent in the preceding quarter. According to the corporation, Net NPA totaled Rs 1,262.35 crore and Net NPA as a percentage of Net Advances was 0.78 percent.

“This has been our strongest quarter till date with very good growth across all key parameters. Strong business momentum has aided meaningful gains in market share. Credit costs are well controlled at 53 bps. We are encouraged by this and are working to ensure that the trend continues,” Shyam Srinivasan, managing director & CEO said.

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Analysing the results, Gaurav Jani – Research Analyst, Prabhudas Lilladher said, “NII was a beat. Loan growth was as expected. However, provisions rose sharply QoQ due to an increase in provision coverage ratio.”

The brokerage firm has a Buy rating on the stock with a target price of Rs 135.

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First published on: Oct 14, 2022 05:16 PM IST

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