Chennai, Jan 16 (IANS): Private sector Federal Bank closed the third quarter of FY23 with a net profit of Rs 803.61 crore.

According to the bank, for the quarter ended December 31, 2022 it had earned a net profit of Rs 803.61 crore (Q3FY21 Rs 521.73 crore) on a total income of Rs 4,967.25 crore (Rs 3,926.75 crore).

Net Interest Income for the quarter ended December 31, 2022 grew by 27.14 per cent to Rs 1,956.53 crore from Rs 1,538.90 crore for the quarter ended December 31, 2021.

Other Income of the bank grew to Rs 534.00 crore from Rs 484.19 crore for the quarter ended December 31, 2021.

The net interest margin increased by 22 bps to reach 3.49 per cent, Federal Bank said.

According to Shyam Srinivasan, Managing Director & CEO, an all-round strong operating performance has helped us deliver the highest ever quarterly profit of about Rs 804 crore.

"Credit Cost has improved on the back of continued strong asset quality, with GNPA (gross non performing assets) and NNPA (Net NPA) at 2.43 per cent and 0.73 per cent respectively. Broad based asset growth of 19 per cent, coupled with core revenue profile has yielded a higher ROA, currently at 1.33 per cent," Srinivasan said.