Federal Bank standalone profit rises 56.6pc in Q2

Federal Bank standalone profit rises 56.6pc in Q2

Federal Bank on Wednesday reported a 56.63 per cent jump in its standalone net profit to Rs 416.70 crore for the second quarter ended on September 30.

The private sector lender had posted a net profit of Rs 266.04 crore in the July-September quarter a year ago, Federal Bank said in a regulatory filing.

Its total income during the period under review was at Rs 3,675.17 crore, up 19.02 per cent compared to Rs 3,087.81 crore in the corresponding quarter of the previous fiscal.

Federal Bank's total expenses were at Rs 2,956.37 crore as against Rs 2,390.21 crore, up 23.68 per cent.

Gross NPAs declined 3.07 per cent of advances in the second quarter of FY2019-20 as against 3.11 per cent in the same quarter of previous year.

Net NPAs declined to 1.59 per cent in the second quarter from o 1.78 per cent in the year-ago period. Provisions and contigencies were at Rs 251.77 crore in the second quarter of 2019-20 against Rs 288.82 crore in the year-ago quarter.

The bank further said its total business at Rs 255,439.74 crore as on September 30 has registered a growth of 16.57 per cent.

"Total advances grow from Rs 1,00,940.88 crore to Rs 1,15,893.21 crore," it said.

The bank earned a net interest income of Rs 1,123.77 crore for the quarter ended September 2019.

Shares of Federal Bank Ltd were at Rs 81.55 on BSE during afternoon trade, down 3.49 per cent from previous close.