Federal Bank shares Q1 results, says profit up 42%; stock down 3%

Federal Bank on Thusday announced a 42 per cent year-on-year (YoY) rise in net net profit at Rs 853.74 crore compared with Rs 600.66 crore in the same quarter last year. Net interest income (NII) for the quarter jumped 19.6 per cent to Rs 1,918 crore compared with Rs 1,604.50 crore in the corresponding quarter last year. The profit figure beat analysts estimates while the NII growth was in-line with expectations.  

The private lender said gross non-performing assets for the quarter rose to Rs 4,434.77 crore compared with Rs 4,183.77 crore in the March and Rs 4,155.33 crore crore in the year-ago quarter. Gross NPAs as percentage of total advances stood at 2.38 per cent against 2.36 per cent in March and 2.69 per cent in the year-ago quarter. 

Federal Bank said it made provisions (other than tax) and contingencies worth Rs 155.58 crore for the quarter compared with Rs 116.66 crore in the March and 166.68 crore in the year-ago quarter.

In its June quarter update, the bank said its gross advances grew 20.9 per cent to Rs 1,86,593 crore on June 30 from Rs 1,54,392 crore in the year-ago period. As per internal classification, retail credit book grew 20.2 per cent and wholesale credit book grew 21.6 per cent, Federal Bank said adding that retail-to-wholesale ratio stood at 54:46.

The Federal Bank stock was trading 2.98 per cent lower at Rs 130.20 on BSE.

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