Private sector lender Federal Bank on Monday reported nearly 59 per cent jump in its standalone net profit at Rs 478 crore for the quarter ended March.
Private sector lender Federal Bank on Monday reported nearly 59 per cent jump in its standalone net profit at Rs 478 crore for the quarter ended March. The bank had posted a net profit of Rs 301 crore in the same quarter of fiscal year 2019-20. The profit was higher sequentially also against Rs 404 crore in December 2020 quarter.
Total income on a standalone basis, however, was down at Rs 3,832 crore in Q4FY21, as against Rs 4,108 crore in the corresponding quarter of FY20, Federal Bank said in a regulatory filing. On a consolidated basis, the net profit in the reported quarter jumped by 65 per cent to Rs 500 crore. Income, however, fell by 5.4 per cent to Rs 3,996 crore in Q4FY21, from Rs 4,223 crore in the year-ago quarter.
The gross non-performing assets (NPAs) of the lender deteriorated to 3.41 per cent of the gross advances by the end of March 2021, as against 2.84 per cent by the end of the same month a year ago. In value terms, the gross NPAs or bad loans rose to Rs 4,602 crore, as against Rs 3,531 crore in the year-ago period.
However, the net NPAs showed improvement at 1.19 per cent (Rs 1,569 crore), as against 1.31 per cent (Rs 1,607 crore). The provisions for bad loans and contingencies in March quarter of 2020-21 was down at Rs 242 crore, from Rs 568 crore parked aside in the year-ago quarter.
For the full year FY21, the standalone net profit of the lender grew by 3 per cent to Rs 1,590 crore. Income during the year was also higher at Rs 15,703 crore, as against Rs 15,142 crore in FY20. The bank said its board of directors has recommended a final dividend of Rs 0.70 per share (35 per cent) for FY21 and it will be payable after shareholders’ approval in its next annual general meeting. Shares of Federal Bank were trading at Rs 80 apiece on BSE, up 0.38 per cent.