Federal Bank Q1 net grows 18% to Rs 167 crore

Private lender Federal Bank on Friday reported a rise of 18.3% in net profit at Rs 167.3 crore during the June quarter of the current financial year.

The bank had reported a net profit of Rs 141.4 crore in the April-June quarter of 2015-16.

The total earnings of the bank increased to Rs 2,250.8 crore for the quarter under review, as against Rs 2,107.09 crore a year before, the bank said in a regulatory filing.

The bank kept its grip on asset quality as it saw only a marginal uptick in its bad loan profile, with gross non-performing assets (NPAs) rising to 2.92% of gross advances as of June 2016 against 2.59% a year ago.

 

Net NPAs were at 1.68% of net loans at the end of June, up from 0.98% in the previous year.

Provisions went up to Rs 168.48 crore as of June 2016 as against Rs 153.10 crore at the end of June 2015.

The stock traded 2.87% higher at Rs 62.75 on BSE in the afternoon session.