Federal Bank recorded a 42 per cent year-on-year (YoY) growth in net profit to Rs 853.74 crore, up from Rs 600.66 crore in the same quarter last year. Net interest income (NII) increased 19.6 per cent to Rs 1,918 crore for the quarter, compared to Rs 1,604.50 crore in the same quarter last year.
The private lender reported that gross non-performing assets for the quarter increased to Rs 4,434.77 crore, up from Rs 4,183.77 crore in March and Rs 4,155.33 crore in the previous quarter. Gross NPAs as a percentage of total advances were 2.38 per cent, up from 2.36 per cent in March and 2.69 percent in the previous quarter.
Federal Bank made provisions (other than tax) and contingencies totalling Rs 155.58 crore for the quarter, up from Rs 116.66 crore in March and Rs 166.68 crore the previous year.
According to the bank’s June quarter update, gross advances increased 20.9 per cent to Rs 1,86,593 crore on June 30 from Rs 1,54,392 crore the previous year. According to internal classification, retail credit book expanded 20.2 per cent and wholesale credit book grew 21.6 per cent, according to Federal Bank, with the retail-to-wholesale ratio standing at 54:46.