Federal Bank net profit rises 50% to Rs 460 crore in September quarter

Private sector lender Federal Bank on Friday reported nearly 55 per cent jump in its consolidated net profit at Rs 488 crore for the second quarter of this fiscal ended September 30

Private sector lender Federal Bank Friday reported a 50 per cent jump in its standalone profit after tax at Rs 460.26 crore in the quarter ended September 2021.

The lender had earned a profit after tax of Rs 307.62 crore in the corresponding quarter of the previous fiscal. The bank's Managing Director and CEO Shyam Srinivasan said during the quarter all the financial parameters showed good performance.

“The bank, amidst the volatile environment, has delivered a very encouraging performance braving a lot of odds. We witnessed strong traction in NIM and pick up in NII on the back of good credit growth in certain segments. Strong recovery and upgrades helped in virtually no credit cost for the quarter,” he said.

Net interest income (NII) grew by 7 per cent to Rs 1,479.42 crore in Q2 FY22 from Rs 1,379.85 crore in the year-ago quarter.