Federal Bank Q3 net up 9% at Rs 230 cr on improved assets

Private sector lender Federal Bank today reported a 9.18 per cent rise in net profit for the third quarter ended December 2013 at Rs 230.13 crore on the back of improved asset quality.

"Net profit increased by 9.18 per cent from Rs 210.78 crore in quarter ended December 31, 2012 to Rs 230.13 crore in the quarter ended December 31, 2013," the bank said in a release.

Total income of the bank also rose by 9.87 per cent in the third quarter (October-December) of FY14 from a year ago to Rs 1,895.92 crore. Total income during the same quarter of the previous fiscal stood at Rs 1,725.62 crore.

Bank's asset quality improved as the gross as well as net non-performing assets (NPAs) or bad loans were trimmed during the quarter.

Gross NPAs during the period fell from Rs 1,564 crore to Rs 1,201 Crore (3.85 per cent to 2.83 per cent), while net NPAs fell from Rs 362 crore to Rs 356 crore (0.92 per cent to 0.86 per cent), it said in the statement.

The net interest margin (NIM), the key gauge for profitability, stood at 3.24 per cent during the quarter under review. And net interest income rose by 9.70 per cent from a year ago to Rs 545.57 crore.

Federal Bank scrips were trading 1.35 per cent down at Rs 80.60 apiece during noon trade on the BSE.

EDITORIAL OF THE DAY

  • Not warnings, total prohibition of smoking is the only answer to restoring citizens’ health

    In a landmark judgment the Supreme Court on Wednesday said the tobacco industry must adhere to government rules requiring stringent health warnings on

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Urs Schoettli

Japan’s seismic shocks raise big questions

In the middle of April the region of Kumamoto on ...

Zehra Naqvi

The flame of hate

Pyre. The name itself evokes a sense of foreboding, casting ...

Bubbles Sabharwal

Whiners and complainers, please exit

We all know WC stands for a water closet, a ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture