Private sector lender Federal Bank on July 13 reported a net profit of Rs 854 crore for the April-June 2023 quarter, a jump from Rs 600 crore in the corresponding period last year.
The bank's gross non-performing asset (GNPA) also improved to 2.38 percent from 2.69 percent last year.
The lender's net NPA stood at 0.69 percent, improving from 0.94 percent in the corresponding quarter last year.
Shyam Srinivasan, Chief Executive Officer and Managing Director (CEO and MD), Federal Bank, said that the bank is looking at raising Rs 4,000 crores in the fiscal year (FY) 2024,
"We will look at raising capital and have met many prospective investors," Srinivasan said to CNBC-TV18.
Srinivasan also said that net interest margins (NIMs) could be under pressure in the first half of FY 24. For the June 2023 quarter, the bank's NIM are at 3.15 percent.
"We are expecting NIMs to be around 3.3 percent in FY24. Also expecting 20 percent growth to sustain," said Srinivasan.
Segment wise revenue
The bank's treasury revenue jumped to Rs 773 crores from Rs 548 crores in the corresponding quarter last year.
Other than treasury, the bank's corporate/wholesale banking recorded a revenue of Rs 1642 crores from Rs 1077 crores in June 2022.
Retail banking, forming the majority of the revenue of the bank, jumped to Rs 3311 crores from Rs 2433 crores.
The bank's digital banking (under retail banking) recorded a revenue of Rs 303 crores from Rs 172 crores last year.
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