Federal Bank Saturday announced its audited financial results for the quarter and year ended 31st March 2019. The bank reported an over two-fold jump in net profit for the March quarter at Rs 381.51 crore on account of lower provisioning and higher interest income. This was against the net profit of Rs 144.99 crore in the fourth quarter of 2017-18 fiscal.
For the 2018-19 fiscal, Federal Bank reported highest ever standalone net profit of Rs 1,243.89 crore, up 41.5 per cent from Rs 878.85 crore in 2017-18.
Annual operating profit of the private lender stood grew by 20 .61 per cent to Rs 2,763.10 cr, whereas the Quarterly operating profit grew at 28.23 per cent to Rs 754.75 cr. Total income of the bank rose to Rs 3,444 crore in the March quarter of 2018-19, from Rs 2,862 crore in the same period last fiscal, Federal Bank said in a BSE filing.
Provisioning for bad loans during the quarter more than halved to Rs 177.76 crore, as against Rs 371.53 crore in the corresponding period of 2017-18.
According to filings made by the company, the auto loans grew by 62.04 per cent whereas the personal loans and housing loans grew by 143.08 per cent and 32.16 per cent respectively.
Interest income increased to Rs 2,413 crore during the fourth quarter from Rs 1,951 crore earlier.
As per the company statements submitted, the total business of the bank grew by 20.28 per cent year-on-year from Rs 2,05,165 cr as on 31st March 2018 to Rs 2,46,783.61 cr as on 31st March 2019.
Meanwhile, the deposits recorded a growth of 20.50 per cent to reach Rs 1,34,954.34 cr as on 31st March 2019 from Rs 1,11,992.49 cr as on 31st March 2018.
Additionally, The Board of directors at its meeting held today has recommended a dividend of ? 1.40 per equity share having a face value of Rs 2 for the year ended 31st March 2019. The dividend will be paid after the approval of shareholders at the Annual General Meeting, as per the filing.
Commenting on the results and financial performance, Shyam Srinivasan, Managing Director & CEO, Federal Bank said, the Bank has once again delivered a robust operating performance, founded firmly on the strong growth momentum in both credit and liabilities. The tight performance of the Bank on the slippage front along with disciplined recovery has contributed significantly towards meeting the objectives of the quarter. Overall, it is an encouraging set of numbers.