MUMBAI - Federal Bank, one of India's leading private sector banks, has reported a significant increase in its net profit for the third quarter of the fiscal year 2024 (Q3FY24). Today, the bank announced that its net profit soared by over 25% to ₹1006.7 ($134M) crore.
The bank's financial performance also reflected a substantial rise in total income, which escalated by nearly one-third to ₹6592.6 ($879M)crore.
In addition to the impressive profit figures, Federal Bank has also shown a notable improvement in its net worth. The latest figures indicate a rise from ₹20456.75 crore ($2.73B) to ₹28084.7 crore ($3.74B), marking a significant enhancement in the bank's financial stability and its ability to leverage future growth opportunities.
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