Federal Bank Reports Strong FY24 Performance: 24% Profit Growth, Highest NII, and Solid Asset Quality Maintained

Chennai,  2nd May 2024, Federal Bank announced the Financial Results for the quarter and year ended 31st March 2024. The key highlights of the results on a Y-o-Y basis are as follows:


  • Total Business of the Bank reached Rs 4,61,937.36 Cr.
  • Highest Ever NII, up by 14.97% to ₹ 2195.11 Cr.
  • Net Profit at Rs.906.30 Cr.
  • Operating Profit at Rs.1,110.35 Cr
  • ROA for Q4 stood at 1.22 % and ROE stood at 12.75 %.
  • GNPA and NNPA at 2.13% and 0.60% respectively.
  • Total Deposits increased by 18.35 %.
  • Total Net Advances increased by 20.04 %.

Mr. Shyam Srinivasan, Managing Director & CEO of the Bank said, “FY 24 was yet another strong year which saw us set new benchmarks in our journey towards building the Most Admired Bank. With a 10% increase in our footprint, our branches now dot the map, across the length and breadth of India. The physical distribution is buttressed with significant investments in Technology and Digital capabilities, helping us serve clients in over 15000 pin codes. We look forward to the year ahead with confidence and are focused on delivering many bespoke customer propositions that establishes the presence of “Brand Federal” as the First Choice for our valued customers.”

   WORKING RESULTS AT A GLANCE                                             (Rs.in Cr)

Particulars Results
  31-03-2024 31-03-2023 Growth %
Total Income 6732.23 5454.60 é23.42%
Net Interest Income 2195.11 1909.29 é14.97%
Total Business 461937.36 387832.93 é19.11%
Net Advance 209403.34 174446.89 é20.04%

Operating Review

 Total Business

Total Business of the Bank reached Rs. 461937.36 Cr registering a growth of 19.11% as on 31st March 2024.

Credit Growth

On the Asset side, Net advances increased from Rs. 174446.89 Cr as on 31st March 2023 to Rs. 209403.34 Cr on 31st March 2024. Retail Advances grew by 20.07 % to reach Rs.67435.34 Cr. Business Banking advances grew by 21.13 % to reach Rs.17072.58 Cr. Commercial Banking grew by 26.63% to Rs.21486.65 Cr. Corporate Advances registered a growth of 11.97 % to reach Rs.73596.09 Cr. The CV/ CE advances grew by 57.45 % to reach Rs 3441.80 Cr.

Deposit Growth

Total Deposits increased from Rs.213386.04 Cr as on 31st March 2023 to Rs.252534.02 Cr as on 31st March 2024, registering a growth of 18.35%.

Operating Profit & Net Profit

The Bank registered Operating Profit of Rs.1110.35 Cr and Net Profit of Rs.906.30 Cr for the quarter ended 31st March 2024.

Income & Margins

Net Interest Income grew 14.97 % from Rs.1909.29 Cr to Rs.2195.11 Cr for the quarter ended on 31st March 2024. Total income of the Bank for the quarter grew by 23.42% to reach Rs.6732.23 Cr. Earnings per share (EPS) annualized is Rs 14.97.

Key Ratios

ROA & ROE of the Bank for the quarter stood at 1.22% and 12.75% respectively.

Robust Asset Quality

Gross NPA of the Bank as at the end of Q4 FY24 stood at Rs. 4528.87 Cr, which as a percentage to Gross Advances stood at 2.13%. The Net NPA and Net NPA as a percentage to Net Advances as on 31st March 2024 stood at Rs. 1255.33 Cr and 0.60% respectively. Provision Coverage Ratio excluding Technical Write Off was 71.08%.

 Net Worth & Capital Adequacy

Net worth of the Bank increased by 35.81%, from Rs. 21419.49 Cr to Rs. 29089.41 Cr, as on 31st March 2024. Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines stood at 16.13% as at the end of the quarter.


The Board of directors at its meeting held today has recommended a dividend of 60% per equity share having face value of Rs.2 for the year ended 31st March 2024. The dividend will be paid after the approval of shareholders at the Annual General Meeting.

Awards & Accolades

  • Recognized as the ‘Bank of the Year 2023’ in India instituted by ‘The Banker’.
  • ‘Finnoviti Award’ instituted by Banking Frontiers for ‘Fed-E-Studio’, the self-service Banking kiosk for customers.
  • Recognized as ‘ESG Champions of India 2024’ in the Commercial Banks sector at the Dun & Bradstreet ESG Leadership Summit 2024.
  • Ranked in the list of ‘Future-ready Workplaces’2024 by Fortune India and CIEL HR
  • Won the HR award for Future of Work, Workforce and Workplace (Large Segment) at the People Pioneers Awards 2024, instituted by TechCircle.
  • Honored with the Amity Banking Excellence for Sustainable Banking.
  • Recognized as the Best AI & ML Bank, Runner-up in Digital Engagement and received a special mention for driving Financial Inclusion.
  • Emerged winner in the ‘Best Bank in Fintech Initiative’ by BT Best Bank Awards
  • Won the KMA CSR Award in the Environment Sector at the KMA Sustainability Summit
  • 1st Runner-Up in the Diversity & Inclusion Excellence Award in the category “Best Employer for Women” (In Large Category) from The Associated Chambers of Commerce and Industry Of India (ASSOCHAM).


  • Executed first digital cross border trade transaction, i.e. Bill of Lading, through blockchain. India’s First-Ever Single Bank Digital Export Collection Bill Transaction in partnership with Wave BL. By transitioning to a digital solution, the Bank has reduced the lead time from up to a week to just 3 hours for its clients with the complete elimination of reams of paper.
  • Entered into Strategic partnership with Fintech Marketplace to provide leads for MSME clients.
  • Tied up with MAGNET (Maharashtra Agribusiness Network) project for funding VCOs/FPOs who are engaged in the selected horticulture crops for post-harvest management and value chain development.
  • Issuing electronic BG directly to beneficiary
  • WhatsApp Banking including end-to-end lending solution.
  • AI- based Virtual assistant for contact center that automates customer calls using AI for enquiries.


  • 75 new outlets across the country during Q4 taking the total tally for the FY to 141, thereby crossing 1500 outlets for the Bank and 2013 ATMs/ Recyclers as on 31st March 2024.

MAJOR FINANCIAL INDICATORS (Standalone Nos)                                                         (Rs. in Cr)

Business Figures As on 31.03.2024 As on 31.03.2023 Growth (%)
Total Deposits 252534.02 213386.04 é18.35%
Net Advances 209403.34 174446.89 é20.04%
CB Advances 21486.65 16968.04 é26.63%
Retail Advances 67435.34 56165.65 é20.07%
Corporate Advances 73596.09 65730.86 é11.97%
Business Banking Advances 17072.58 14094.84 é21.13%
Gold Loan including ADLG 25226.00 19841.00 é27.14%
Equity Capital 487.07 423.24 é15.08%
Net Worth 29089.41 21419.49 é35.81%
Capital Adequacy (%) 16.13 14.81  
Tier I (%) 14.61 13.02  
Tier II (%) 1.52 1.79  


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