Federal Bank Q1 result: Net profit rises 64% to Rs 601 crores; stock jumps 1.50%

Federal Bank on Friday posted about 64 per cent jump in net profit at Rs 600.66 crore for June quarter of financial year 2022-23.

The private sector lender had logged a net profit of Rs 367.29 crore in year-ago period.

In the previous March quarter, the bank's net profit was Rs 540.54 crore.

Total income during April-June 2022-23 rose to Rs 4,081.48 crore from Rs 4,003.97 crore in the same quarter of previous fiscal year, Federal Bank said in a regulatory filing.

The bank's gross non-performing assets (NPAs) were trimmed to 2.69 per cent of gross advances as of June 30, 2022 as against 3.50 per cent by end of June 2021.

In value terms, gross NPAs or bad loans stood at Rs 4,155.33 crore, lower than Rs 4,649.33 crore by end of June quarter of 2021-22.

Net NPAs too fell to 0.94 per cent (Rs 1,420.25 crore) from 1.23 per cent (Rs 1,593.24 crore).

The bank's provisions for bad loans and contingencies came down to Rs 166.68 crore in the quarter under review from Rs 639.94 crore parked aside for the year-ago same quarter.

Federal Bank stock jumped nearly 1.50 per cent to close above Rs 98 apiece on the NSE.