Federal Bank Q4 net up 25% at Rs 277 cr

Our Bureau Mumbai | Updated on April 29, 2014 Published on April 29, 2014

Private sector lender Federal Bank posted a 25 per cent rise in net profit for the fourth quarter ended March 31, 2014 at Rs 277 crore driven by high interest income reduced bad loans.

A year ago, the Kerala-based bank’s net profit was at Rs 222 crore.

Net interest income (difference between interest earned and expended) grew 30 per cent to Rs 625 crore as compared to Rs 480 crore in the same quarter last year. Other income declined 9 per cent at Rs 178 crore from Rs 197 crore in Q4FY13.

However, provisions towards bad loans during the quarter remained flat at Rs 143 crore.

Gross non-performing assets (NPA) ratio improved to 2.46 per cent as on March 31, 2014 from 3.44 per cent as on March end, 2013. Net NPA ratio was also better at 0.74 per cent from 0.98 per cent.

SME advances grew 36 per cent, while retail advances grew by 6 per cent. Total deposits increased 4 per cent to Rs 59,731 crore from Rs 57,615 crore.

Full year results

For the full year ended March FY14, the net profit was flat at Rs 839 crore. Net interest income was up 13 per cent at Rs 2,229 crore (from Rs 1,975 crore in FY13), while other income was marginally higher at Rs 694 crore (from Rs 664 crore last year).

The Bank’s board recommended 100 per cent dividend to its shareholders as against a dividend of 90 per cent last year.

The bank added 32 branches and 47 ATMs during the quarter to take the tally to 1,174 branches and 1,359 ATMs as at March 31, 2014.

Federal Bank stock ended weaker at Rs 92.25, down by 2.8 per cent from its previous close on the BSE.

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Published on April 29, 2014
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