Mumbai: Private sector lender Federal Bank on Friday reported a 67% year-on-year rise in net profit to Rs 903 crore for the January-March quarter (Q4) of the financial year 2022-23.

The bank had posted a net profit of Rs 504.5 crore in the corresponding period a year ago.

The bank's net interest income (NII) rose 25% to Rs 1909.29 crore in Q4FY23 as against Rs 1525.21 crore in the same quarter of the previous financial year.

"This very strong performance is a testimony to the dedicated efforts of the team and the trust of our customers. It’s noteworthy that our market share gains across product categories is gathering momentum quarters," said Shyam Srinivasan, Managing Director & CEO, Federal Bank.

Gross advances of the bank reached Rs 1,77,376.53 crore as on 31st March 2023 from Rs 1,47,639.45 crore as on 31st March 2022 registering a growth of 20.14%.

Deposits recorded a growth of 17.44% to reach Rs 2,13,386.04 crore as on 31st March 2023 from Rs 1,81,700.59 crore as on 31st March 2022.

The gross NPA (non-performing assets) of the bank as on 31st March 2023 stood at Rs 4,183.77 crore. Gross NPA as a percentage to gross advances is 2.36% as on 31st March 2023.

"The Net NPA stood at Rs 1,205.01 crore and Net NPA percentage is at 0.69% as on 31st March 2023. The Provision Coverage Ratio stood at 70.02% as on 31st March 2023," the ban said in a media release.

The Board of Directors of the bank at its meeting held today recommended a dividend of 50% per equity share having face value of Rs 2 for the year ended 31st March 2023.

(With UNI inputs)