Federal Bank's Q4 net profit falls 21% YoY to ₹301 crore1 min read . Updated: 28 May 2020, 04:06 PM IST
- Provisions during the quarter rose over three times year-on-year to ₹567.50 crore. In October-December, the bank had set aside ₹160.86 crore in provisions
MUMBAI: Federal Bank Ltd on Thursday reported a 21% year-on-year (YoY) fall in its net profit for January-March due to higher provisioning.
The bank posted a net profit of ₹301.23 crore for the quarter ended March, down from ₹381.51 crore in the year-ago period. Profit was lower than ₹380.20 crore estimated by a Bloomberg poll of 12 analysts.
Provisions during the quarter rose more than three times to ₹567.50 crore from ₹177.76 crore in the year-ago quarter. In October-December, the bank had set aside ₹160.86 crore in provisions.
Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 10.9% to ₹1,216.01 crore. Other income, which includes core fee income, rose 72.7% to ₹711.11 crore during the period under review.
Gross non-performing assets (NPAs), as a percentage of total advances, were at 2.84% in the March quarter compared with 2.99% in the December quarter and 2.92% in the year-ago quarter.
After provisions, net NPA ratio was at 1.31% against 1.63% during October-December and 1.48% in the year-ago quarter.
Shares of the bank rose 4.3% to close at ₹42.75 apiece, while the benchmark Sensex gained 1.9% to close at 32,200.59 points