Money & Banking

Federal Bank Q3 net slips 8%

Our Bureau Mumbai | Updated on January 20, 2021

Bottomline hit by 161% jump in provisions, contingencies; net income rises 24%

Federal Bank reported an 8 per cent decline in third quarter net profit at ₹404 crore against ₹441 crore in the year-ago quarter.

The bottomline was weighed down by a 161 per cent year-on-year (yoy) jump in provisions (other than tax) and contingencies at ₹421 crore (₹161 crore in the year-ago period).

Also read: Federal Bank reports 12 per cent increase in total deposits

Net interest income was up 24 per cent yoy to ₹1,437 crore (₹1,155 crore). Other income increased by 18 per cent to ₹482 crore (₹408 crore).

Gross non-performing assets (NPAs) declined to 2.71 per cent of gross advances against 2.84 per cent in the preceding quarter.

Net NPA position improved to 0.60 per cent of net advances against 0.99 per cent in the preceding quarter.

Published on January 20, 2021

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