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Federal Bank net profit rises 13% to Rs 541 cr in March quarter

Federal Bank net profit rises 13% to Rs 541 cr in March quarter

The total income in FY22 rose slightly to Rs 15,749.85 crore from Rs 15,716.61 crore.

Federal Bank net profit rises 13% to Rs 541 cr in March quarter Federal Bank net profit rises 13% to Rs 541 cr in March quarter

Private sector lender Federal Bank on Friday reported a 13.2 percent rise in its standalone net profit to Rs 541 crore in the March 2022 quarter.

The bank had posted a net profit of Rs 478 crore in the same quarter previous fiscal.

The total income during the January-March quarter of 2021-22 increased to Rs 3,948.24 crore against Rs 3,843.87 crore in the same period of the preceding fiscal, Federal Bank said in a regulatory filing.

For the entire FY22, the net profit (standalone) surged by 18.8 percent to Rs 1,889.82 crore, compared to Rs 1,590.30 crore in FY21.

The total income in FY22 rose slightly to Rs 15,749.85 crore from Rs 15,716.61 crore.

On the front of asset quality, the gross non-performing assets (NPAs) improved to 2.80 percent of the gross advances as of March 31, 2022, from 3.41 percent a year ago.

In value terms, the gross NPAs stood at Rs 4,136.74 crore, down from Rs 4,602.39 crore.

Likewise, the net NPAs too declined to 0.96 per cent (Rs 1,392.62 crore) from 1.19 per cent (Rs 1,569.28 crore).

Thus, the provisions for bad loans and contingencies fell sharply to Rs 75.24 crore for Q4 FY22 against Rs 254.49 crore parked aside for the year-ago quarter.

Shares of Federal Bank were trading at Rs 91.55 apiece on BSE, down 2.71 percent from the previous close.

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