Federal Bank Saturday reported an over two-fold jump in net profit for
the March quarter at Rs 381.51 crore on account of lower provisioning
and higher interest income.
The private sector lender had posted a standalone net profit of Rs 144.99 crore in the fourth quarter of 2017-18 fiscal.
Total income of the bank rose to Rs 3,444 crore in the March quarter
of 2018-19, from Rs 2,862 crore in the same period last fiscal, Federal
Bank said in a BSE filing.
Provisioning for bad loans during the quarter more than halved to Rs
177.76 crore, as against Rs 371.53 crore in the corresponding period of
2017-18.
Interest income increased to Rs 2,413 crore during the fourth quarter from Rs 1,951 crore earlier.
For the full 2018-19 fiscal, Federal Bank reported a standalone net
profit of Rs 1,243.89 crore, up 41.5 per cent from Rs 878.85 crore in
2017-18.
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