Private sector lender Federal Bank on Wednesday, March 15, said its board will meet on Saturday (March 18) to consider a proposal to raise up to Rs 1,000 crore by issue of debentures on a private placement basis.
The bank's board will meet in Kochi to discuss the proposal to raise funds by way of the issue of unsecured Basel III Tier-II Subordinate Bonds in the nature of debentures, amounting up to 1,000 crore, the lender said in a regulatory filing.
The bank posted a 54 percent rise in its profit at Rs 804 crore in the third quarter ended December 2022, on higher net interest income and improved asset quality. The bank had posted a net profit of Rs 522 crore in the same quarter a year ago.
The bank's total income increased to Rs 4,967 crore in the latest December quarter from Rs 3,927 crore in the year-ago period, Federal Bank said in a regulatory filing.
Net Interest Income (NII) for the quarter grew by 27.14 percent to Rs 1,957 crore from Rs 1,539 crore for the quarter that ended December 2021.
On the asset quality front, the bank recorded an improvement with gross NPAs (non-performing assets) declining to 2.43 percent as compared to 3.06 percent at the end of the third quarter of the previous fiscal.
(Edited by : Shoma Bhattacharjee)
