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Private sector Federal Bank reported a 32.07 per cent increase in its net profit in the third quarter of the fiscal led by strong revenue and stable asset quality.
Net profit rose to Rs 440.64 crore in the quarter ended December 31, 2019 as against Rs 333.63 crore in the corresponding quarter last fiscal. Total income grew by 13.3 per cent to Rs 3,738.22 crore, as against Rs 3,299.96 crore in the same period a year ago.
Of this, net interest income rose by 7.2 per cent to Rs 1,154.9 crore in the quarter under review, as compared to Rs 1,077.3 crore in the third quarter of the last fiscal. Other income grew 18 per cent to Rs 407.86 crore in the October to December 2019 quarter.
Provisions declined to Rs 160.86 crore in the third quarter of this fiscal from Rs 190.12 crore in the same period last fiscal.
Gross non-performing assets remained contained at 2.99 per cent of gross advances as on December 31, 2019, as against 3.14 per cent a year ago. Net NPAs stood at 1.63 per cent of net advances at the end of the last quarter, as against 1.72 per cent on December 31, 2018.
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