Business

Federal Bank Q2 net profit slips 26pc to Rs 308 crore

Federal Bank on Friday reported a 26 per cent decline in its net profit at Rs 308 crore in the quarter ended September 2020, on account of higher provisions. The private sector lender had posted a net profit of Rs 417 crore during the July-September quarter a year ago.

migrator

New Delhi

Total income during the said period rose by 9 per cent to Rs 3,997 crore as against Rs 3,675 crore in the same quarter of 2019-20, Federal Bank said in a regulatory filing. Interest income grew 7 per cent to Rs 3,488 crore from Rs 3,254 crore.

Its gross non-performing assets (NPAs) fell to 2.84 per cent of the gross advances by end of September 2020 as against 3.07 per cent a year ago. In value terms, it stood at Rs 3,552.19 crore as against Rs 3,612.11 crore. Net NPAs came down to 0.99 per cent (Rs 1,218.14 crore) as against 1.59 per cent (Rs 1,843.64 crore).

Bank's provisions for bad loans and contingencies were raised to Rs 592.06 crore for the quarter ended September as against Rs 251.77 crore parked aside for the corresponding period a year ago. Federal Bank's shares were trading 0.10 per cent down at Rs 51.70 apiece on the BSE.

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