Federal Bank posts record net profit of Rs 441 crore in December quarter
Federal Bank recorded operating profit of Rs 743.82 crore during the December quarter of this fiscal. Net interest income increased to Rs 1,155 crore during the quarter under review
- Jan 20, 2020,
- Updated Jan 20, 2020 4:56 PM IST
Federal Bank reported a 32 per cent year-on-year increase in net profit during the December quarter this fiscal. The private sector lender posted net profit of Rs 440.64 crore during the quarter ended December 31, 2019, as opposed to Rs 333.63 crore in the year-ago period.
Net interest income (NII), the difference between interest earned and interest expended, increased 7.24 per cent to Rs 1,155 crore during the December quarter of FY20, as opposed to Rs 1,077 crore registered in the corresponding quarter last fiscal. Net interest margin of Federal Bank stood at 3 per cent during Q3 FY20.
Federal Bank recorded operating profit of Rs 743.82 crore during the December quarter, which increased by 5 per cent from Rs 708 crore.
HDFC Bank Q3 profit rises 33% to Rs 7,416 crore, bad loans grow
Asset quality of Federal Bank improved during the December quarter of this fiscal. Gross non-performing assets (NPAs) reduced to 2.99 per cent during Q3 FY20, in comparison to 3.14 per cent in Q3 FY19. Net NPAs also declined to 1.63 per cent from 1.72 per cent. The gross NPA and net NPA of the bank as at the end of December quarter stood at Rs 3,618.69 crore and Rs 1,941.01 crore, respectively.
Federal Bank reported a 32 per cent year-on-year increase in net profit during the December quarter this fiscal. The private sector lender posted net profit of Rs 440.64 crore during the quarter ended December 31, 2019, as opposed to Rs 333.63 crore in the year-ago period.
Net interest income (NII), the difference between interest earned and interest expended, increased 7.24 per cent to Rs 1,155 crore during the December quarter of FY20, as opposed to Rs 1,077 crore registered in the corresponding quarter last fiscal. Net interest margin of Federal Bank stood at 3 per cent during Q3 FY20.
Federal Bank recorded operating profit of Rs 743.82 crore during the December quarter, which increased by 5 per cent from Rs 708 crore.
HDFC Bank Q3 profit rises 33% to Rs 7,416 crore, bad loans grow
Asset quality of Federal Bank improved during the December quarter of this fiscal. Gross non-performing assets (NPAs) reduced to 2.99 per cent during Q3 FY20, in comparison to 3.14 per cent in Q3 FY19. Net NPAs also declined to 1.63 per cent from 1.72 per cent. The gross NPA and net NPA of the bank as at the end of December quarter stood at Rs 3,618.69 crore and Rs 1,941.01 crore, respectively.