July 26: Private sector lender Federal Bank on Wednesday posted a 26% increase in its net profit for the first quarter of the ongoing fiscal. Net profit stood at Rs 210.15 crore in the quarter, as against Rs 167 crore in the same period last year.
The bank’s operating profit rose 31% to Rs 557.86 crore compared to Rs 425.86 crore of the year ago period. The net interest income (the difference between interest received on advances and paid on deposits) increased 15.68% to Rs 800.68 crore from Rs 692.17 crore on an year-on-year basis. Total income of the bank also increased 17.20% to reach Rs 2,653.20 crore while other income recorded a Y-o-Y growth of 31.34% to Rs 329.10 crore.
The gross non- performing assets as at the end of the quarter stood at Rs 1,867.94 crore.
Shares of the bank closed trading in red at Rs 114.80, down 3.57% from the previous closing of Rs 119.05, on BSE today.