Federal Bank Q1 net profit up 42% YoY

Federal Bank on Thursday posted a standalone net profit of Rs 854 crore, up 42% for the quarter that ended June as compared to Rs 601 crore in the Q1 profit of the previous year.

The total income for the first quarter came in at Rs 5,756 crore, which rose by 41% as compared with Rs 4,081 crore in the corresponding quarter of last year. The net interest income (NII) for the first quarter rose nearly 20% to Rs 1,919 crore vs. Rs 1,605 crore in the same period last year.

The gross non-performing asset (NPAs) ratio fell to 2.38% during the first quarter from 2.69% in the same quarter of last year. Net NPAs improved to 0.69% from 0.94% a year ago.

The lender's provisions (other than tax and contingencies) fell 7% to Rs 155 crore during the June quarter, compared with Rs 167 crore in the year-ago period.

On a sequential basis, profit decline 5% from Rs 903 crore reported in the preceding March quarter. Operating profit for the quarter under review stood at Rs 1,302 crore, up 34% from a year ago.

Meanwhile, the stock declined by 3.5% at Rs 129.50 on the BSE in the afternoon session.

Source: Media reports