 "Federal Bank’s Q1 net jumps 64% to Rs 601 cr in best-ever quarterly show")
Kochi-based private sector lender Federal Bank reported a 63.5 per cent increase in net profit in the April-June quarter of FY23, aided by lower provisions and a healthy rise in net interest income (NII). Its net profit rose to Rs 600.66 crore in Q1 compared to Rs 367.29 crore in the year-ago period. This is the highest ever quarterly profit reported by the bank.
Shares of the lender jumped over 2 per cent post the Q1 earnings and were trading at Rs 99.35 at 1:25 PM.
“We have delivered strong broad based credit growth while overall costs have been well
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