Federal Bank Q1 net profit rises 26% to Rs210 crore
Bengaluru: Federal Bank Ltd posted a 26% rise in first-quarter net profit, but lagged estimates as provisions for bad loans rose.
Net profit rose to Rs210 crore for the quarter ended 30 June, from Rs167 crore a year earlier, the mid-sized private sector lender said on Wednesday.
Analysts on average had expected a net profit of Rs251 crore, Thomson Reuters data showed.
Gross bad loans as a percentage of total loans rose to 2.42% at end-June, compared with 2.33% at March-end.
Shares in Federal Bank were trading 3.2% lower after the results in a Mumbai market that gained 0.36%. Reuters