Federal Bank sees its highest-ever profit of Rs 954 crore

MUMBAI: Federal Bank has reported its highest-ever quarterly net profit of Rs 954 crore for the September quarter, an increase of 36% over Rs 703 crore in the year-ago period. The increase in net profit followed a 20% year-on-year increase in loans to Rs 1.9 lakh crore and a 23% growth in deposits to Rs 2.3 lakh crore. Gross NPAs of the bank as at the end of Q2FY23 stood at Rs 4,436 crore – 2.3% of gross advances.