Federal Bank on Monday reported a 58.6% rise in net profit at ?477.8 crore for the quarter ended March as compared to ?301.2 crore in the same quarter last year. The bank’s net interest income (NII) stood at ?1,420.4 crore, up 16.8% from ?1,216 crore on a yearly basis.
The bank’s asset quality deteriorated as gross non-performing assets (NPA) came at 3.41% versus 2.71% on a quarterly basis while net NPAs stood at 1.19% against 0.90% quarter-on-quarter (QoQ). Provisions & contingencies stood at ?242.3 crore, down 42.3% QoQ and 57.3% YoY.
Federal bank said that on account of uncertainties arising from the COVID-19 pandemic across the world and in India, including the current ‘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 will depend on various aspects including actions taken to mitigate its impact and other regulatory measures.
”The Bank’s capital and liquidity position is strong and would continue to be the focus area for the Bank during this period,” it said in the exchange filing.
In a separate filing, the bank announced the appointment of Venkatraman Venkateswaran as the Chief Financial Officer (CFO) with effect from Tuesday, May 18, 2021.
Shares of Federal Bank were trading 0.75% lower at ?79 per share on the BSE.
News Source:- Livemint