Federal bank net profit jumps 29% to Rs 521.73 crore in Q3
- ByStartupStory | January 27, 2022
The provision Coverage Ratio ( including technical write- offs) stood at 79.62% in comparison with 86. 32% a year earlier.
Although the lender had reported a net profit of Rs 404 crore in the third quarter of the last fiscal and Rs 460.26 crore in Q2 FY22.
Provisions and stipulations stood lower for the reported quarter at Rs.414.16 crore in the year- ago period.
Fresh slippages were comprised to Rs.442 withal improvements and up gradation of RS. 491 crore, leading to an improvement in asset quality.
Gross non- performing assets (NPA) as a percentage of gross advances for Q3 FY22 were at 3.06% in contrast to 3.24% in the preceding quarters and 2.71% in the year- ago period.
Similarly, the net NPA ratio for the quarter stood at 1. 05% as compared to 1.12% in Q2 FY 22 and 0. 60% in Q3 of FY 21.
The provision coverage Ratio ( including technical write offs stood at 79. 62% as compared to 86. 32% a year earlier.
“ We are elated to continue our strong performance with improvement across all parameters.
The bank has delivered strong bottom line with key gains in net Interest Income, fee income and Net interest margin.
Net profit improved substantially registering a growth of 29% and it helped deliver RoA of 1% +
He said the bank made a strong comeback in the corporate book in the third quarter and credit expansion took place quite consequentially.
Total business grew 10.10% y- o-y from Rs 2, 87, 174, 69 crore as on December 31, 2020, to Rs 3, 16,174.33 crore as on December 31.
The capital Adequacy Ratio (CRAR) of the bank computed as per Basel III guidelines stood at 14. 37% at the end of the quarter.
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