Money & Banking

Federal Bank Q2 net profit up 49.6%

Our Bureau Mumbai | Updated on October 22, 2021

This was aided by higher net interest income and lower provisions

Federal Bank reported a 49.6 per cent jump in its standalone net profit to ₹460.26 crore in the second quarter of the fiscal from ₹307.62 crore in the corresponding period a year ago.

This was aided by higher net interest income and lower provisions. For the quarter ended September 30, 2021, Federal Bank reported net interest income grew by 7.2 per cent to ₹1,479.42 crore versus ₹1,379.85 crore a year ago.

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Other income marginally fell by 1 per cent on an annual basis to ₹444.46 crore in the second quarter of 2021-22. Provisions halved and fell by 53.9 per cent to ₹245.33 crore in the second quarter of the fiscal compared to ₹532.09 crore a year ago.

Asset quality saw some deterioration.

Gross non performing assets were at 3.24 per cent of gross advances as on September 30, 2021 from 2.84 per cent on September 30, 2020. It was however, lower on a sequential basis from 3.5 per cent as on June 30, 2021.

Net NPA was at 1.12 per cent of net advances at the end of the second quarter from 0.99 per cent a year ago and 1.23 per cent as on June 30, 2021.

Published on October 22, 2021

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