Federal Bank Q1 profit jumps 64 per cent to Rs 601 crore

NEW DELHI: Federal Bank on Friday posted about a 64 per cent jump in net profit at Rs 600.66 crore for the June quarter of the financial year 2022-23.

The private sector lender had logged a net profit of Rs 367.29 crore in the year-ago period. In the previous March quarter, the bank's net profit was Rs 540.54 crore.

Total income during April-June 2022-23 rose to Rs 4,081.48 crore from Rs 4,003.97 crore in the same quarter of the previous fiscal year, Federal Bank said in a regulatory filing.

The bank's gross non-performing assets (NPAs) were trimmed to 2.69 per cent of gross advances as of June 30, 2022, as against 3.50 per cent by end of June 2021.

In value terms, gross NPAs or bad loans stood at Rs 4,155.33 crore, lower than Rs 4,649.33 crore by end of the June quarter of 2021-22.

Net NPAs too fell to 0.94 per cent (Rs 1,420.25 crore) from 1.23 per cent (Rs 1,593.24 crore).

The bank's provisions for bad loans and contingencies came down to Rs 166.68 crore in the quarter under review from Rs 639.94 crore parked aside for the year-ago same quarter.

Federal Bank stock was trading at Rs 96.95 on the BSE, down 0.36 per cent from the previous close.

NEW DELHI: Federal Bank on Friday posted about a 64 per cent jump in net profit at Rs 600.66 crore for the June quarter of the financial year 2022-23. The private sector lender had logged a net profit of Rs 367.29 crore in the year-ago period. In the previous March quarter, the bank's net profit was Rs 540.54 crore. Total income during April-June 2022-23 rose to Rs 4,081.48 crore from Rs 4,003.97 crore in the same quarter of the previous fiscal year, Federal Bank said in a regulatory filing. The bank's gross non-performing assets (NPAs) were trimmed to 2.69 per cent of gross advances as of June 30, 2022, as against 3.50 per cent by end of June 2021. In value terms, gross NPAs or bad loans stood at Rs 4,155.33 crore, lower than Rs 4,649.33 crore by end of the June quarter of 2021-22. ALSO READ | Yes Bank to form ARC with JC Flowers to sell Rs 48,000 crore of bad loans Net NPAs too fell to 0.94 per cent (Rs 1,420.25 crore) from 1.23 per cent (Rs 1,593.24 crore). The bank's provisions for bad loans and contingencies came down to Rs 166.68 crore in the quarter under review from Rs 639.94 crore parked aside for the year-ago same quarter. Federal Bank stock was trading at Rs 96.95 on the BSE, down 0.36 per cent from the previous close.