Profit

Federal Bank Posts 28% Jump In December Quarter Profit, Beats Street Estimates

Net profit was Rs 334 crore ($46.82 million) in the three months to December 31, compared to Rs 260 crore a year earlier, the Kerala-based bank said.

 Share
EMAIL
PRINT
COMMENTS
Federal Bank Posts 28% Jump In December Quarter Profit, Beats Street Estimates

Federal Bank logged a net profit of Rs 334 crore in the three months to December 31


Private-sector lender Federal Bank posted a 28.3 per cent jump in third-quarter profit on Thursday, as a healthy increase in interest income helped offset the impact of higher provisions.

Net profit was Rs 334 crore ($46.82 million) in the three months to December 31, compared to Rs 260 crore a year earlier, the Kerala-based bank said.

That compares to analysts' average estimates of a profit of Rs 297 crore, data from Refinitiv showed.

Asset quality was largely stable, with gross bad loans as a percentage of total loans at 3.14 per cent at the end of December, compared to 3.11 per cent in the previous quarter and 2.52 per cent a year earlier.

Interest earned rose 18.1 per cent to Rs 2,954 crore, while provisions climbed 17 per cent.

Shares in Federal Bank declined as much as 4 per cent on Thursday. At 1:12 pm, the stock traded 3.7 per cent lower at Rs 88.35 apiece on the NSE. 

($1 = Rs 71.3400)



Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.

NDTV Beeps - your daily newsletter

................................ Advertisement ................................

................................ Advertisement ................................

................................ Advertisement ................................

Top