Federal Bank Q4 net profit growth flat

Bank posted profit of Rs 280 cr compared to Rs 277 cr in same quarter previous fiscal

Federal Bank posted a 1.2 per cent rise in standalone net profit at Rs 280 crore for the quarter ended March 31. This was on account of a drop in net interest income in the quarter against the corresponding period of the previous year.

The bank had a net interest income of Rs 623 crore for the quarter, against Rs 625 crore in the year-ago period.

Advances were Rs 51,585 crore as on March 31, 18 per cent more than the Rs 43,436 crore as on March 31, 2014. Deposits saw a 18.5 per cent growth to Rs 70,825 crore.

Gross non-performing assets (NPA) dropped to 2.04 per cent of the total compared to 2.46 per cent in the year-ago period. Net NPA was flat at 0.73 per cent against 0.74 per cent. In the fourth quarter, provisions were up by 32 per cent on a year-on-year basis, whereas other income was up 71.5 per cent.

Current account savings account (Casa) increased 17.11 per cent to Rs 21,549.57 crore in FY15.

For FY15, the bank posted a 9.9 per cent rise in operating profit, which grew from Rs 1,480.39 crore in FY14 to Rs 1,627.79 crore in FY15. Other income grew 26.58 per cent from Rs 693.85 crore as on March 31, 2014, to Rs 878.31 crore as on as on March 31, 2015.

The bank's net interest margin stood at 3.27 per cent while the cost to income ratio was at 50.05 per cent for FY15.

Net advances outpaced industry growth by 18.1 per cent to reach Rs 51,284.99 crore as on March 31, 2015. Provision coverage ratio (including technical write-offs) stood at 83.9 per cent.

For the full financial year, profit stood at Rs 1,005.7 crore, up 20 per cent from Rs 838.9 crore in FY14.

Federal Bank shares closed at Rs 130.15, down 2.24 per cent on the BSE on Wednesday.