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.