Federal Bank first-quarter profit jumps 25 percent, beats estimates

(Reuters) - Federal Bank Ltd posted a 25 percent jump in its first-quarter profit on Tuesday, helped by higher interest income.

Net profit was 2.63 billion rupees ($38.49 million) in the three months ended June 30, compared with 2.10 billion rupees a year earlier, the mid-sized private sector lender said in a statement http://bit.ly/2uqpOey.

Analysts, on average, had expected a net profit of 2.02 billion rupees, Thomson Reuters data showed.

Gross bad loans as a percentage of total loans was 3 percent at end-June, compared with 3 percent in the previous quarter and 2.42 percent a year earlier.

Interest earned by the lender rose about 15 percent to 26.67 billion rupees.

 

($1 = 68.3300 Indian rupees)

(Reporting by Chris Thomas in Bengaluru; Editing by Subhranshu Sahu)