Federal Bank Q1 Net drops 36 per cent at Rs 141 crore
The bank's gross non-performing assets or bad loans rose to 2.59 per cent of gross
New Delhi: Federal Bank on July 18 reported a 35.8 per cent fall in its net profit at Rs 141.39 crore for the first quarter of 2015-16. The bank's net profit stood at Rs 220.23 crore in the same quarter of the previous fiscal.
Total income of the bank increased to Rs 2,107.09 crore during the quarter under review, from Rs 1,928.04 crore in the year-ago period, Federal Bank said in a BSE filing. Provisioning towards bad loans and contingencies were raised substantially to Rs 153.10 crore during the quarter as against Rs 22.08 crore set during the same period, a year ago.
The bank's gross non-performing assets (NPAs) or bad loans rose to 2.59 per cent of gross advances during the quarter as against 2.22 per cent in the same period of the previous fiscal. Net NPAs also increased to 0.98 per cent of net advances during the period under review, while it was at 0.68 per cent in the same period of the last fiscal.