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Federal Bank’s Q2 net profit jumps 55% to Rs 488 cr

Federal Bank’s Q2 net profit jumps 55% to Rs 488 cr

The bank had posted a net profit of Rs 315.70 crore in the year-ago period.

Federal Bank’s Q2 net profit jumps 55% to Rs 488 cr Federal Bank’s Q2 net profit jumps 55% to Rs 488 cr

Private sector lender Federal Bank on Friday reported nearly 55 per cent jump in its consolidated net profit at Rs 488 crore for the second quarter of this fiscal ended September 30.

The bank had posted a net profit of Rs 315.70 crore in the year-ago period.

Total income (consolidated) during the July-September period of 2021-22, however, was down at Rs 4,013.46 crore, as against Rs 4,071.35 crore in the same period of 2020-21, Federal Bank said in a regulatory filing.

The bank's asset quality showed an impairment with the gross non-performing assets (NPAs or bad loans) rising to 3.22 per cent of the gross advances as of September 30, 2021 from 2.80 per cent in the year-ago period.

Likewise, the net NPAs were also higher at 1.15 per cent as against 0.99 per cent.

In absolute value, the gross NPAs stood at Rs 4,558.19 crore by the end of September 2021 quarter, up from Rs 3,591.72 crore in the corresponding period a year ago.

Value of net NPAs were at Rs 1,595.78 crore, up from Rs 1,249.85 crore.

Provisions for bad loans and contingencies for the reported quarter came down to Rs 264.53 crore, from Rs 565.46 crore in the year-ago quarter.

Shares of Federal Bank were trading at Rs 100.80 apiece on BSE, up 4.40 per cent from the previous close.