Federal Bank on Tuesday reported a 46.25 per cent year-on-year (YoY) growth in standalone net profit at Rs 384.21 crore during the first quarter ended June 30, 2019, driven by higher interest income.
"The private sector lender posted standalone net profit of Rs 262.71 crore in the same quarter last year," Federal Bank said in a filing to the Bombay Stock Exchange.
The total income of the bank increased to Rs 3,620.82 crore during the June quarter of 2019-20, as compared to Rs 2,938.24 crore in the same period of 2018-19.
The private lender's net interest income (NII), which is the difference between interest earned and interest expended, climbed 17.8 per cent to Rs 1,154 in April-June quarter of FY20, as against Rs 980 crore in Q1FY19.
Other income (non-interest income) surged 44.5 percent y-o-y to Rs 391.5 crore and operating profit jumped 30 percent to Rs 783 crore on yearly basis.
The provisions and contingencies of the bank declined to Rs 192.04 crore from Rs 199.15 crore in the year ago period, while it rose against Rs 177.76 crore on a quarterly basis.
Federal Bank's asset quality improved during June quarter, with gross non-performing assets (NPAs) ratio - bad loans as a percentage of gross advances - marginally declining to 2.99 per cent versus 3 per cent in the year ago quarter. Net NPA slips to 1.49 per cent during June quarter as compared to 1.72 per cent in the corresponding quarter last year. The GNPA and Net NPA stood at 2.92 per cent and 1.48 per cent, respectively, in the March quarter of 2018-19.
The bank's absolute gross NPA stood at Rs 3,394.69 crore in Q1FY20 against Rs 2,868.82 crore in Q1FY19 and Rs 3,260.68 crore in Q4FY19.
Following the Q1 result, Federal Bank shares were trading at Rs 107.45 apiece, up 0.80 per cent, on the Bombay Stock Exchange on Tuesday. During the day's trade, the scrip touched an intra-day high of Rs 108.70.
Edited by Chitranjan Kumar