Federal Bank Ltd on Monday said its third quarter net profit rose 32% on the back of higher other income and lower provision.
The bank posted a net profit ₹440.64 crore for the three months ended 31 December compared to ₹333.63 crore in the year-ago period. Profit was higher than ₹412.7 crore estimated by a Bloomberg poll of 15 analysts.
Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 7.21% to ₹1,154.93 crore from ₹1,077.29 crore in the corresponding period last year.
Other income, which includes core fee income, rose 18.03% to ₹407.86 crore in the three months from ₹345.55 crore a year ago.
Gross non-performing assets (NPAs), as a percentage of total advances, were at 2.99% in the December quarter compared with 3.07% in the September quarter and 3.14% in the year-ago December quarter.
Provisions during the quarter decreased 15.39% to ₹160.86 crore as against ₹190.12 crore in the year-ago quarter. In the July-September quarter, the bank had set aside ₹251.77 crore in provisions.
Post-provision, the net NPA ratio was at 1.63% against 1.59% in the July-September quarter and 1.72% in the year-ago quarter.
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