Federal Bank posts highest-ever quarterly profit; up 53% over last year

NII up 19.1% to Rs 1,762 crore, other income rises 24% to Rs 610 crore

Private sector lender Federal Bank has posted a net profit of Rs 704 crore during the second quarter of the current financial year, up 53 per cent rise over the year-ago figure of Rs 460.3 crore.

“This is the bank’s highest ever quarterly profits. These profit numbers were inspired by an all-round performance by the bank – including corporate segment, retail and interest income,” said Shyam Srinivasan, managing director and chief executive officer, Federal Bank.

The bank’s net income interest (NII), the difference between interest earned and expended, also increased by 19.1 per cent to Rs 1,762 crore during Q2