ADD ANI AS A TRUSTED SOURCE
googleads
Menu
Business

Federal Bank net profit jumps 53% in Sept quarter

New Delhi [India], October 14 (ANI): Federal Bank on Friday posted a 53 per cent jump in its net profit to Rs703.71 crore for the quarter ended September 30, against Rs460.26 crore in the year-ago period.

ANI Oct 14, 2022 15:09 IST googleads

Representative image

New Delhi [India], October 14 (ANI): Federal Bank on Friday posted a 53 per cent jump in its net profit">profit to Rs703.71 crore for the quarter ended September 30, against Rs460.26 crore in the year-ago period.
The total business of the Aluva (Kochi)-headquartered bank was Rs3,50,386 crore, showing a 14.36 per cent year-on-year growth as on September 30, 2022.
Managing Director and Chief Executive Officer Shyam Srinivasan said, "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. We have delivered the highest ever net profit">profit with Rs704 crore, RoA (return on assets) and RoE (return on earnings) are in the right trajectory and the asset quality of the bank continues to be strong at 2.46% and 0.78%. Credit costs are well controlled at 53 bps. We are encouraged by this and are working to ensure that the trend continues."
Operating profit">profit of the bank grew 32.91 per cent to Rs1,212.24 crore while net interest income during the quarter grew 19.09 per cent to Rs1,761.83 crore from Rs1,479.42 crore in the year-ago period. Other income of the bank grew by 23.97 per cent to Rs609.52 crore. Net interest margin rose 10 basis points (bps) to reach 3.30 per cent.
Net interest income (NII) for the September quarter 2022 grew 19.09 per cent to Rs1,761.83 crore from 1,479.42 crore in the year-ago period. Other income rose 23.97 per cent to Rs609.52 crore from Rs491.65 crore for the corresponding quarter in the previous year. Net interest margin (NIM) increased by 10 bps to reach 3.30 per cent. (ANI)

Get the App

What to Read Next

Business

BPTP Receives 'Iconic Project - Commercial' Recognition

BPTP Receives 'Iconic Project - Commercial' Recognition

New Delhi [India], March 12: BPTP, a real estate developer operating in North India, has been honoured with the Iconic Project - Commercial award at the 5th Economic Times Real Estate Conclave & Awards 2026 (ETRECA 2026). The award ceremony was held at Taj Santa Cruz, Mumbai, with participation from industry stakeholders including developers, architects, and investors.

Read More
Business

Dt. Priyanka Jaiswal: Dietician in Delhi Making Nutrition Simple

Dt. Priyanka Jaiswal: Dietician in Delhi Making Nutrition Simple

New Delhi [India], March 12: In today's fast-moving world, food has become more confusing than ever before. Social media is filled with trending diets, quick weight-loss hacks, and conflicting nutrition advice. While these trends promise rapid results, they often leave people feeling overwhelmed and unsure about what truly qualifies as healthy eating.

Read More
Business

Hong Leong Islamic Bank Enters New Era as "HLB Islamic"

Hong Leong Islamic Bank Enters New Era as

Kuala Lumpur [Malaysia], March 12: As a strategic move to refresh and strengthen its core vision, Hong Leong Islamic Bank ("HLB Islamic" or the "Bank") is transitioning to a refreshed consumer-facing brand identity, now known as HLB Islamic, and a strengthened core proposition that approaches financial services not as a series of siloed products and transactions, but as total wealth stewardship through a Shariah-principle-guided life-cycle approach known as Hayat @ HLB Islamic. This evolution is rooted in the Bank's new philosophy, 'Timeless Principles Guiding Tomorrow's Wealth', introduced during its 20th anniversary last December to signal a new chapter in wealth stewardship.

Read More
Business

'India’s non-bank lenders seen growing faster than banks'

'India’s non-bank lenders seen growing faster than banks'

India's non-bank financial companies (NBFCs) are expected to expand faster than traditional banks over the coming decade as lenders adopt artificial intelligence and expand into new loan segments, according to a research report by Nomura.

Read More
Business

Wizz Financial Completes First Stablecoin-Powered Cross-Border

Wizz Financial Completes First Stablecoin-Powered Cross-Border

Dubai [UAE], March 12: Wizz Financial, the global fintech company specializing in cross-border payments and digital wallets, today announced the completion of its first stablecoin-powered cross-border remittance and treasury transaction originating from the United States, with capabilities into 80 countries, in partnership with BitGo Bank & Trust, N.A. ("BitGo"), an OCC-regulated digital asset trust bank and subsidiary of BitGo Holdings, Inc. (NYSE: BTGO). Through the partnership, Wizz Financial is utilizing BitGo's institutional-grade wallet infrastructure and e-trade services to facilitate the conversion of fiat currency into stablecoins, enabling near-real-time settlement, enhanced liquidity management, and compliant, scalable cross-border remittance flows across its global network as new corridors are progressively launched.

Read More
Home About Us Our Products Advertise Contact Us Terms & Condition Privacy Policy

Copyright © aninews.in | All Rights Reserved.