The Federal Bank Limited (FEDERALBNK.BO) Q3 2024 Earnings Report

The Federal Bank Limited (FEDERALBNK.BO) reported mixed results for the third quarter of FY 2024, with revenues of INR 69.94 billion reflecting a YOY decline of 48.15%, though slightly improved from the previous quarter. Operating income saw a significant increase of 137.88% QoQ to INR 14.20 billion, showcasing resilience amidst challenging market conditions. Despite a net income of INR 10.35 billion, down 8.81% YOY, EPS decreased to INR 4.28—a drop of 10.05% from last year, indicating pressure on profitability due to increased operational costs. Management indicated optimism moving forward, focusing on loan growth and enhanced digital offerings to attract a broader customer base.