Q4 RESULTS

Federal Bank net profit flat at `906 cr

New Delhi: Federal Bank on Thursday reported a flat net profit of Rs 906 crore in the March 2024 quarter. The bank had a net profit of Rs 903 crore in the fourth quarter of the 2022-23 fiscal. Its total income rose 23.42 per cent to Rs 6,732 crore in the January-March period. The net interest income grew 15 per cent to Rs 2,195 crore. For the full 2023-24 fiscal, Federal Bank’s net profit grew 24 per cent to Rs 3,721 crore. In 2022-23, the bank had a net profit of about Rs 3,011 crore.

The bank’s board also recommended a dividend of 60 per cent per equity share having a face value of Rs 2 for the year ended March 2024. Federal Bank Managing Director & CEO Shyam Srinivasan said, “With a 10 per cent 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 15,000 pin codes.

South Indian Bank net profit dips 14%

New Delhi: South Indian Bank on Thursday reported a 13.88 per cent decline in March quarter net profit to Rs 287.56 crore. The private sector bank posted a net profit of Rs 333.89 crore in the January-March period of the 2022-23 fiscal year. Total expenditure increased to Rs 2,187 crore in the March quarter, from Rs 1,757 crore in the same period a year ago, South Indian Bank said in a regulatory filing.

The bank’s total income rose to Rs 2,621 crore in the fourth quarter of 2023-24, from Rs 2,318 crore in the year-ago period. For 2023-24 fiscal, the bank’s net profit rose 38 per cent to Rs 1,070 crore, from Rs 775 crore in the 2022-23 fiscal. The bank’s board has recommended a dividend of Rs.0.30 per equity shares of face value of Re 1 each (30 per cent) for the financial year ended March 31, 2024 Shares of South Indian Bank were trading at Rs 28.92, down 6.01 per cent over previous close on the BSE.

Blue Star net profit declines 29% to `159.71 cr

New Delhi: Air conditioner and commercial refrigeration system maker Blue Star Ltd on Thursday reported a 29 per cent decline in its consolidated net profit to Rs 159.71 crore for the fourth quarter of 2023-24. The company had reported a net profit of Rs 225.29 crore in the January-March quarter of FY2022-23, a regulatory filing showed. Blue Star’s total income increased to Rs 3,340.16 crore in the quarter under review from Rs 2,830.48 crore in the January-March period of the previous fiscal.

Its total expenses were also higher at Rs 3,126.38 crore in the fourth quarter of 2023-24, compared with Rs 2,485.46 crore in the corresponding period last year. “The company has reported Revenue from Operations of Rs 9,685.36 crore for the year ended March 31, 2024, compared to Rs 7,977.32 crore during FY23, representing growth of 21.4 per cent,” Blue Star Ltd stated. It further informed that the net profit for the year was Rs 414.31 crore compared to Rs 400.69 crore in FY23.