Private
sector lender Federal Bank's
fourth quarter profit shot up nearly 25 times to Rs 256.6 crore compared with
same quarter last fiscal, driven by improvement in asset quality and lower
provisions.Net interest income during the quarter grew 23 percent to Rs 842.4
crore, with loan growth of 26 percent at Rs 73,336.27 crore compared with
year-ago quarter.
Other
income (non-interest income) also jumped 19.4 percent year-on-year to Rs 282.11
crore and operating profit spiked 39.2 percent to Rs 549.2 crore, which also
supported profitability of the bank.
Numbers
were ahead of analysts' expectations. Profit was expected at Rs 219.6 crore and
net interest income Rs 829.3 crore for the quarter, according to average of
estimates of analysts polled by CNBC-TV18.
Asset
quality improved as gross non-performing assets (NPA) dropped 44 basis points
sequentially to 2.33 percent and net NPA fell 30 bps to 1.28 percent in the
quarter ended March 2017.In
absolute terms, gross NPAs slipped 11.5 percent quarter-on-quarter to Rs
1,727.1 crore and net NPA declined 14.6 percent to Rs 941.2 crore in March
quarter.
Provisions
for bad loans fell significantly to Rs 122.70 crore compared with Rs 158.82
crore in previous quarter and Rs 388.64 crore in same quarter last fiscal.Meanwhile,
Federal Bank said the board of directors has approved fund raising up to Rs
2,500 crore via equity and also approved raising sub limit ceiling on total
holdings by FII/FPI.
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Detailed information about the Federal Bank Clerk Officer Result 2017 is available here. Federal Bank Clerk Officer Result 2017 will be announce into the month of October most probably.
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