Federal Bank Q1 results: Net profit dips 8% to ?367 crore; NII up 9%

Federal Bank

Federal Bank on Friday reported a standalone net profit of ?367.3 crore, down 8.3% from ?400.7 crore in the corresponding quarter of the previous fiscal. The bank’s net interest income (NII) rose 9.4% to ?1,418 crore as against ?1,296 crore year-on-year (YoY).

The Gross non-performing assets (NPA) stood at 3.5% during the quarter as against 3.4% in the previous quarter whereas its net NPA came at 1.23% versus 1.19% on a sequential basis. The provisions (other than tax) and contingencies rose to ?641.8 crore as compared to ?242.3 crore quarter-on-quarter (QoQ) and ?394.6 crore YoY.

”On account of uncertainties arising from the COVID-19 pandemic across the world and in India, including the ‘second wave’ which has resulted in imposition of renewed restrictions in various parts of the country, the extent to which the same will impact the Bank’s operations and financial position in future will depend on various aspects including actions taken to mitigate its impact and other regulatory measures,” Federal Bank said in the filing.

It added that the bank’s capital and liquidity position is strong and would continue to be the focus area for the Bank during this period. The extent to which the COVID-19 pandemic will continue to impact the Bank’s results will depend on the future developments related to the situation, which are highly uncertain, as well as the outcomes of the actions to contain the same, the bank said.

Shares of Federal Bank were trading over 2% higher at ?86 per share on the BSE in Friday’s afternoon deals.

News Source:- Livemint

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