Federal Bank Q3 net profit down 8.29% at Rs 404.10 cr
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
The bank reported standalone net profit of Rs 404.10 crore for the quarter ended December 31, 2020 as compared to Rs 440.64 crore in the same period last year, registering a year-on-year decline of 8.29 per cent.
Interest income of the bank rose by 3.88 per cent at Rs 3459.52 crore for the quarter ended December 31, 2020 as against Rs 3330.36 crore in the corresponding period last year. During the October-December quarter, total income rose by 5.43 per cent to Rs 3,941.36 crore from Rs 3,738.22 crore in the year ago period. Meanwhile, operating expenses dropped by 0.53 per cent to Rs 2,978.46 crore from Rs 2,994.40 crore in the same period last year.
Operating profit surged 29.45 per cent to Rs 962.90 crore from Rs. 743.82 crore. Provisions and Contingencies surged by 161.48 per cent at Rs 420.62 crore from Rs 160.86 crore a year ago. NII, the difference between interest earned on loans and interest paid on deposits, increased by 24.43 per cent at Rs 1,437.04 crore versus Rs 1,154.93 crore in the year ago period.
Non-interest income rose 18.14 per cent year-on-year to Rs 481.84 crore. On the asset side, gross non- performing assets (NPAs) fell to 2.71 per cent of the gross advances as at the end of December 31, 2020 from a level of 2.99 per cent year earlier. Its net NPAs or bad loans too declined to 0.60 per cent of net advances on December 31, 2020 from 1.63 per cent a year ago.
