Federal Bank Q4 net profit rises 13%, recommends dividend
Premium- On the front of asset quality, Federal Bank's gross non-performing assets (NPAs) improved to 2.8% in Q4
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Private sector lender Federal Bank on Friday reported a 13% rise in its standalone net profit to ₹541 crore in the March 2022 quarter as compared to ₹478 crore in the same quarter previous fiscal. Net Interest Income (NII) jumped 7% YoY to ₹1,525 crore. Shares of Federal Bank plunged over 2% to ₹91 apiece on the BSE.
The board of the bank has also recommended the payment of final Dividend at ₹1.80 per equity share of the face value Rs. 2 each (90%) for the financial year 2021-22 subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM) of the bank.
On the front of asset quality, the gross non-performing assets (NPAs) improved to 2.8% of the gross advances as of March 31, 2022, from 3.41% a year ago. In value terms, the gross NPAs stood at ₹4,136 crore, down from ₹4,602 crore. Likewise, the net NPAs too declined to 0.96% ( ₹1,392.6 crore) from 1.19% ( ₹1,569 crore).
Thus, the provisions for bad loans and contingencies fell sharply to ₹75 crore for Q4 FY22 against ₹254 crore parked aside for the year-ago quarter.
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