Private sector lender Federal Bank has registered a rise of 25.6 per cent in its net profit at Rs 210.15 crore for first quarter of the current fiscal on higher core income and good returns on investments.
Private sector lender Federal Bank has registered a rise of 25.6 per cent in its net profit at Rs 210.15 crore for first quarter of the current fiscal on higher core income and good returns on investments.
Also, bad loans of the bank came down during the quarter.
Bank's net profit in corresponding three months to June in 2016-17 stood at Rs 167.31 crore.
Total income of the bank increased to Rs 2,653.19 crore for the quarter, against Rs 2,263.84 crore in the year ago period, the bank said in a regulatory filing.
It earned Rs 2,324.09 crore as interest income in June quarter of the current fiscal up from Rs 2,013.77 crore a year ago, while income from other sources too rose to Rs 329.10 crore, as against Rs 250.07 crore a year earlier.
Other income includes fees earned from providing services to customers, commission from non-fund based banking activities, earnings from foreign exchange and derivative transactions, selling of third party products, profit on sale of investments and recoveries from advances written off.
On the good side, the bank brought down its bad loan proportion with gross non-performing assets (NPAs) falling to 2.42 per cent of the gross loans as on June 30, 2017. It stood at 2.92 per cent in the similar period a year ago.
Likewise, net NPAs came down, as a percentage of net advances by end June, to 1.39 per cent against 1.68 per cent as on June 30, 2016.
However, provisioning for bad loans and contingencies rose to Rs 236.44 crore for April-June of 2017-18 from Rs 168.48 crore a year ago.
Stock of Federal Bank was trading 3.82 per cent lower at Rs 114.50 apiece on BSE today.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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