Federal Bank Ltd on Thursday reported a 26.38% increase in its net profit for the December quarter due to increase in net interest income and other income.
Net profit for the quarter stood at Rs205.65 crore compared to Rs162.72 crore a year ago. According to estimates of 15 Bloomberg analysts, the bank was expected to post a net profit of Rs203 crore.
Net interest income (NII), or the core income a bank earns by giving loans, rose 30.74% to Rs791.93 crore in the December quarter from Rs605.69 crore last year.
Other income increased 44.03% to Rs263.33 crore from Rs182.82 crore in the same period last year.
Gross non-performing assets (NPAs) at Federal Bank rose 7.24% to Rs1,951.55 crore at the end of the December quarter from Rs1,819.72 crore in the September quarter. On a year-on-year basis, gross NPAs jumped 15.88% from Rs1,684.11 crore. As a percentage of total loans, gross NPAs were at 2.77% at the end of the December quarter, against 2.78% in the previous quarter and 3.15% in the year-ago quarter.
Provisions and contingencies fell 5.68% to Rs158.82 crore in the third quarter from Rs168.40 crore a quarter ago. Net NPAs were at 1.58% in the December quarter compared to 1.61% in the previous quarter and 1.66% in the same quarter last year.
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