Federal Bank Standalone Net Profit Jumps 52.89% To Rs 703.71 Crore In September Quarter

Private sector lender Federal Bank on Friday reported a 52.89 per cent jump in its standalone net profit for the quarter ended September 2022 at Rs 703.71 crore, aided by fall in provisions for bad loans.
     
The south-based lender had posted a net profit of Rs 460.26 crore in the year-ago period.
     
Total income of the bank on the standalone basis during the July-September quarter of 2022-23, rose to Rs 4,630.30 crore from Rs 3,870.90 crore in the same period of 2021-22, Federal Bank said in a regulatory filing.
     
On the asset quality front, the lender reported an improvement as the gross non-performing assets (NPAs or bad loans) fell to 2.46 per cent of the gross advances as of end-September 2022 from 3.24 per cent by end of September 2021.
     
In absolute terms, the gross NPAs stood at Rs 4,031.06 crore, as against Rs 4,445.84 crore. The net NPAs fell to 0.78 per cent (Rs 1,262.35 crore) from 1.12 per cent (Rs 1,502.44 crore).
     
Provisions for bad loans and contingencies for September 2022 quarter came down to Rs 267.86 crore, as against Rs 292.62 crore parked aside for the year-ago period.
     
Federal Bank scrip was trading 4.01 per cent higher at Rs 129.80 apiece on BSE.