Federal Bank has reported a 39% decline in its third quarter net profit at R162.7 crore, while its gross NPA increased to 3.15 %. Total income decreased from Rs 2,090.01 crore for the quarter ended December 2014 to Rs 2086.07 crore for the quarter ended December, 2015.
The bank had reported a net profit of Rs 264.69 crore for the corresponding quarter of last financial year and a net profit of R161. 28 in the second quarter of the current fiscal.
On the operating front, net interest income for the bank rose marginally by 3.1% year-on-year, while non-interest income saw a decline of 16.6% year-on-year.
Asset quality woes continued with the reported Gross NPA ratio at 3.15% in the current quarter as against 2.90% in the second quarter and 2.19% in the corresponding quarter of last fiscal.