Money & Banking

Federal Bank Q4 net profit up 58.6%

Our Bureau Mumbai | Updated on May 17, 2021

For the full fiscal, the bank’s profits jumped 3.08%

Private sector Federal Bank recorded its highest ever quarterly net profit of ₹477.81 crore in the quarter ended March 31.

On an annual basis, it was a 58.6 per cent increase compared to a net profit of ₹301.23 crore in the fourth quarter of 2019-20.

For the full fiscal 2020-21, Federal Bank reported a 3.08 per cent increase in its net profit to ₹1,590.30 crore as against ₹1,542.78 crore in 2019-20.

Its net interest income grew 16.8 per cent to ₹1,420.37 crore in the fourth quarter of 2020-21 versus ₹1,216.02 crore in the same period in the previous fiscal.

Net interest margin increased by 19 basis points on a year-on-year basis to 3.23 per cent in the fourth quarter last fiscal.

Other income however fell 34.5 per cent to ₹465.37 crore in the January to March 2021 quarter, as against ₹711.11 crore in the previous fiscal.

Provisions fell 57.3 per cent to ₹242.33 crore in Q4 as against ₹567.5 crore a year ago.

Gross non performing assets rose to ₹4,602.39 crore or 3.41 per cent of gross advances as on March 31, 2021 as compared to 2.84 per cent a year ago.

Net NPAs eased to 1.19 per cent of net advances as on March 31, from 1.31 per cent last year.

Published on May 17, 2021

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