Private sector lender Federal Bank on Monday posted a 54 per cent rise in its profit at Rs 804 crore in the third quarter ended December 2022, on higher net interest income and improved asset quality.
The bank had posted a net profit of Rs 522 crore in the same quarter a year ago.
The bank’s total income increased to Rs 4,967 crore in the latest December quarter from Rs 3,927 crore in the year-ago period, Federal Bank said in a regulatory filing.
Net Interest Income (NII) for the quarter grew by 27.14 per cent to Rs 1,957 crore from 1,539 crore for the quarter ended December 2021.
On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 2.43 per cent as compared to 3.06 per cent at the end of third quarter of previous fiscal.
At the same time, net NPAs eased to 0.73 per cent, as against 1.24 per cent in the same period a year ago.
Net worth of the bank increased from Rs 18,089 crore to Rs 20,457 crore, as on December 2022.
Capital Adequacy Ratio of the bank, computed as per Basel III guidelines, moderated a bit to 13.35 per cent at the end of the December quarter, as against 14.37 per cent a year ago.