Federal Bank reports Rs. 954 crore, its highest profit ever.

For the September quarter, Federal Bank posted its highest-ever quarterly net profit of Rs 954 crore, up 36% from Rs 703 crore in the same period last year. The rise in net profit came after loans increased by 20% year over year to Rs 1.9 lakh crore and deposits increased by 23% to Rs 2.3 lakh crore. As of the end of Q2FY23, the bank’s gross nonperforming assets (NPAs) were Rs 4,436 crore, or 2.3% of gross advances.