1. Federal Bank net profit tanks 96 pct to Rs 10 cr in Q4

Federal Bank net profit tanks 96 pct to Rs 10 cr in Q4

Private sector lender Federal Bank today reported a 96 per cent decline in net profit to Rs 10.26 crore for the fourth quarter ended March 31, due to higher provisioning.

By: | New Delhi | Published: April 30, 2016 9:48 PM
Federal Bank had posted a net profit of Rs 280.53 crore in the year ago period. (Source: Federal Bank) Federal Bank had posted a net profit of Rs 280.53 crore in the year ago period. (Source: Federal Bank)

Private sector lender Federal Bank today reported a 96 per cent decline in net profit to Rs 10.26 crore for the fourth quarter ended March 31, due to higher provisioning.

Federal Bank had posted a net profit of Rs 280.53 crore in the year ago period.

Total income during January-March rose to Rs 2,253.38 crore from Rs 2,214.28 crore in the year ago period, the company said in a regulatory filing.

As per the company’s balance sheet its provisions rose to Rs 388.64 crore in January-march from Rs 39.78 crore in the same period of the 2014-15 fiscal.

For the full fiscal, profit sharply declined to Rs 486.42 crore from Rs 1057.81 crore in 2014-15 fiscal.

The company’s board meanwhile has recommended a dividend of 35 per cent — Rs 0.70 per equity share on face value of Rs 2 each for the year 2015-16.

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