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Private sector lender Federal Bank net profit rose up to Rs 381.51 crore for the fourth quarter of 2018-19, over 160 per cent increase from the Rs 144.99 crore in the same period a year ago. This was on the back on stable asset quality and improved income.
For the quarter ended March 31, 2019, the bank’s total income grew by 20.33 per cent to Rs 3,444.04 crore as against Rs 2,862.14 crore a year ago.
Net interest income rose by 17.5 per cent to Rs 1,096.53 crore in the January to March 2019 quarter as compared to Rs 933.22 crore. Other income grew even more sharply by 31 per cent to Rs 411.72 crore in the quarter under review.
Net interest margin stood at 3.14 per cent for 2018-19 and at 3.17 per cent for the fourth quarter. For the full fiscal 2018-19, net profit rose 41.5 per cent to Rs 1,243.89 crore from Rs 878.85 crore in 2017-18.
The gross NPA of the bank as on March 31, 2019 stood at ₹ 3,260.68 crore or at 2.92 per cent of gross advances. Net NPAs were at ₹ 1,626.20 crore or 1.48 per cent of net advances. The The Provision Coverage Ratio (including technical write-offs) stood at 67.16% as on 31st March 2019.
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