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Private sector lender Federal Bank on Friday reported a 52.89 per cent jump in its standalone net profit for the quarter ended September 2022 at ₹703.71 crore, aided by fall in provisions for bad loans.
The south-based lender had posted a net profit of ₹460.26 crore in the year-ago period.
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Optimises cross border transactions in the digital payment ecosystemTotal income of the bank on the standalone basis during the July-September quarter of 2022-23, rose to ₹4,630.30 crore from ₹3,870.90 crore in the same period of 2021-22, Federal Bank said in a regulatory filing.
On the asset quality front, the lender reported an improvement as the gross non-performing assets (NPAs or bad loans) fell to 2.46 per cent of the gross advances as of end-September 2022 from 3.24 per cent by end of September 2021.
In absolute terms, the gross NPAs stood at ₹4,031.06 crore, as against ₹4,445.84 crore.
The net NPAs fell to 0.78 per cent (₹1,262.35 crore) from 1.12 per cent (₹1,502.44 crore).
Provisions for bad loans and contingencies for September 2022 quarter came down to ₹267.86 crore, as against ₹292.62 crore parked aside for the year-ago period.
Federal Bank scrip was trading 4.01 per cent higher at Rs 129.80 apiece on BSE. PTI KPM DRR
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