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Federal Bank posts record net profit of Rs 441 crore in December quarter

Federal Bank recorded operating profit of Rs 743.82 crore during the December quarter of this fiscal. Net interest income increased to Rs 1,155 crore during the quarter under review

twitter-logoBusinessToday.In | January 20, 2020 | Updated 16:56 IST
Federal Bank posts record net profit of Rs 441 crore in December quarter
Federal Bank posts record net profit in December quarter

Federal Bank reported a 32 per cent year-on-year increase in net profit during the December quarter this fiscal. The private sector lender posted net profit of Rs 440.64 crore during the quarter ended December 31, 2019, as opposed to Rs 333.63 crore in the year-ago period.

Net interest income (NII), the difference between interest earned and interest expended, increased 7.24 per cent to Rs 1,155 crore during the December quarter of FY20, as opposed to Rs 1,077 crore registered in the corresponding quarter last fiscal. Net interest margin of Federal Bank stood at 3 per cent during Q3 FY20.

Federal Bank recorded operating profit of Rs 743.82 crore during the December quarter, which increased by 5 per cent from Rs 708 crore.

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Total deposits with Federal Bank increased 17.12 per cent on annual basis to Rs 1,44,591.93 crore in the December quarter of the ongoing fiscal, as against Rs 1,23,457.37 crore in the corresponding quarter last year. CASA deposits increased 10.47 per cent to Rs 45,484.23 crore in the December quarter, from Rs 41,172.41 crore. CASA ratio for the period under review stood at 31.46 per cent.

"The net worth of the bank increased from Rs 12,815.13 crore as on December 31, 2018, to Rs 14,211.3 crore as on December 31, 2019. The Capital Adequacy Ratio of the bank, computed as per Basel III guidelines stood at 13.64 per cent as at the end of the quarter," Federal Bank said in a regulatory filing on Monday.

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Asset quality of Federal Bank improved during the December quarter of this fiscal. Gross non-performing assets (NPAs) reduced to 2.99 per cent during Q3 FY20, in comparison to 3.14 per cent in Q3 FY19. Net NPAs also declined to 1.63 per cent from 1.72 per cent. The gross NPA and net NPA of the bank as at the end of December quarter stood at Rs 3,618.69 crore and Rs 1,941.01 crore, respectively.

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