Mumbai: Federal Bank on Tuesday reported 24.78% increase in its net profit for the September quarter on higher net interest income and other income.
Net profit for the quarter stood at Rs.201.24 crore as compared to Rs.161.28 crore a year ago. According to estimates of 16 Bloomberg analysts, the bank was expected to post a net profit of Rs.183.20 crore.
Net interest income (NII), or the core income a bank earns by giving loans, rose 19% to Rs.726.19 crore in the September quarter from Rs.610.68 crore last year.
Other income increased 45.41% to Rs.261.64 crore from Rs.179.93 crore in the same period last year.
Gross non-performing assets (NPAs) at Federal Bank rose 4.14% to Rs.1,819.72 crore at the end of the September quarter from Rs.1,747.31 crore in the June quarter. On a year-on-year basis, gross NPAs jumped 21.42% from Rs.1,498.73 crore. As a percentage of total loans, gross NPAs were at 2.78% at the end of the September quarter as compared to 2.92% in the previous quarter and 2.9% in the year-ago quarter.
Provisions and contingencies fell 0.05% to Rs.168.40 crore in the quarter from Rs.168.48 crore a quarter ago. On a year-on-year basis, provisions jumped 93% from Rs.87.28 crore. Net NPAs were at 1.61% in the September quarter compared to 1.68% in the previous quarter and 1.33% in the same quarter last year.
Total deposits rose 17% from a year earlier to Rs.8,630 crore, while total advances rose 27.17% to Rs.5,087 crore.
At 1.36pm, Federal Bank was trading at Rs.78.35 on the BSE, up 4.5% from its previous close, while India's benchmark Sensex index fell 0.37% to 28,075.63 points.