 "Federal Bank net profit up 18%")
Private sector lender Federal Bank has posted 8.9 per cent drop in profit before tax (PBT) at Rs 537.76 crore for the first quarter (Q1) ended June 2020 (Q1FY21). This is primarily due to the rise in provisions and contingencies.
It had posted a PBT of Rs 590.72 crore in the quarter ended June 2019 (Q1FY20).
The bank’s stock closed 2.45 per cent lower at Rs 49.85 per share on the BSE.
Its net profit for the reporting quarter rose to Rs 400.77 crore, from Rs 384.21 crore in Q1FY20.
The net interest income grew 12.33 per cent year-on-year (YoY),
