Federal Bank Q3 net profit rises by 29% to Rs 522 cr

Federal Bank on Tuesday posted a 29 per cent rise in net profit at Rs 522 crore for the third quarter ended December 2021.

The private sector lender had registered a profit of Rs 404.10 crore in the year-ago period.

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The total income remained flat at Rs 3,926.75 crore during the third quarter, as against Rs 3,934.90 crore a year ago, Federal Bank said in a regulatory filing.

Gross non-performing assets (NPAs) rose to 3.06 per cent of the total advances during the quarter, compared to 2.71 per cent at the end of the third quarter of 2020-21.

Net NPAs of the bank also increased to 1.05 per cent of the total assets in October-December 2021, as against 0.60 per cent a year ago.

Despite the increase in bad loans, provisions other than tax and contingencies declined to Rs 213.98 crore, as against Rs 414.16 crore during the same period of the last fiscal.

However, the net interest margin of the bank stood at 3.27 per cent at the end of December 2021.