Federal Bank Q3 net profit up 54% at Rs 803.61 cr, asset quality improves

Net interest income increases 27.14% year-on-year to Rs 1,956.53 crore in, says private sector lender

Federal Bank on Monday reported a 54 per cent jump in net profit in the quarter (Oct-Dec) of FY23, aided by a healthy net interest income (NII) that was shaped by strong loan growth.

The Kochi-based private sector lender’s profit after tax for Q3 FY23 stood at Rs 803.61 crore, compared to Rs 521.73 crore in the same period a year ago. It is the bank’s highest ever quarterly net profit.

NII increased by 27.14 per cent year-on-year (YoY) to Rs 1,956.53 crore, backed by advances growth of 19 per cent. Net interest margin (NIM) stood at 3.49