Kerala-based Federal Bank’s net profit grew by 35.54 percent in the July-September quarter of fiscal year 2024 (FY24) to reach Rs. 954 Crores, a record high. The total business of the bank is Rs. 425,685.12 crore. Operating profit has reached Rs. 1,324.45 crore, which is the highest ever, while Gross non-performing assets (GNPA) and net non-performing assets (NNPA) dipped to 2.26 percent and 0.64 percent respectively. Total deposits grew by 23.12 percent and total net advances increased by 19.58 percent.

Net Interest Income has also hit a record high at Rs. 2,056.42 crore, which is 16.72 percent higher compared to the same quarter of the previous year.

With these excellent results, shares of Federal Bank Ltd hit a record high on Monday reaching Rs. 152.55 on BSE, and the market cap of the bank has increased to Rs. 35,126 crores. Federal Bank share has rallied 14.63 percent in one year and jumped 8.46 percent in 2023.

The stock still holds a “strong buy” rating as 22 analysts recommend it with an average target price of Rs.163 in a year while four analysts are giving “hold” ratings.

Shyam Srinivasan, Managing Director & CEO of Federal Bank attributes the outstanding results to the initiatives taken by the bank. Srinivasan pointed out some of the marquee investments as testimony to their governance, social and environmental commitment standards. He also said that the bank is determined to make continued progress on all their chosen areas.

Federal Bank is headquartered in Aluva, Kochi with pan India presence and representative offices abroad in Abu Dhabi, Qatar, Kuwait, Oman and Dubai. With a customer base of over 10 million, of which 1.5 million are NRIs, the bank holds 1,370 branches across India.