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Federal Bank's Q4 PBT declines 32% over provisions for Covid-19 pandemic

The bank's provision coverage ratio improved to 72.48 per cent at end of March 2020, up from 67.16 per cent in March 2019

Federal Bank net profit up 18%
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As on March 31, 2020, the bank grew deposits by 12.85 per cent to Rs 1,52,290 crore

Abhijit Lele Mumbai
Private sector lender Federal Bank’s profit before tax (PBT) dipped by 32.09 per cent to Rs 391.82 crore for the fourth quarter ended March 2020 (Q4Fy20) due to provisions for the impact of the Covid-19 pandemic. It had posted a PBT of Rs 576.99 crore in quarter ended March 2019 (Q4FY19).

The bank's net profit for the quarter under review declined to Rs 301.23 crore from Rs 381.51 crore in Q4FY19, while its net profit for the financial year ended March 2020 (FY20) rose to Rs 1,542.7 crore from Rs 1,243.8 crore in FY19.

The lender's stock closed 4.27 per

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First Published: May 28 2020 | 5:44 PM IST

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