Credit rating agency, CARE has reaffirmed ‘AA’ rating to Federal Bank’s Lower Tier II Bonds - Series II worth Rs 30.00 crore and Lower Tier II Bonds - Series IV worth Rs 200.00 crore.
The rating continues to factor in the long standing track record of operations of FBL, healthy profitability and operational efficiency metrics, comfortable capitalization levels as well as evolving credit risk management procedures to address the issues related to the asset quality of the bank.
The bank has reported 9.18% rise in its net profit at Rs 230.13 crore for third quarter ended December 31, 2013 as compared to Rs 210.78 crore for the same quarter in the previous year. Total income of the bank has increased by 9.86% at Rs 1895.92 crore for quarter under review as compared to Rs 1725.62 crore for the quarter ended December 31, 2012.
The bank’s gross NPA for the December 31, 2013 quarter of the current fiscal stood at 2.83%, as compared to 3.85% in the same quarter of the previous year. Besides, bank’s Net NPA stood at 0.86% as compared to 0.92% in the same quarter of the previous year.
The rating continues to factor in the long standing track record of operations of FBL, healthy profitability and operational efficiency metrics, comfortable capitalization levels as well as evolving credit risk management procedures to address the issues related to the asset quality of the bank.
The bank has reported 9.18% rise in its net profit at Rs 230.13 crore for third quarter ended December 31, 2013 as compared to Rs 210.78 crore for the same quarter in the previous year. Total income of the bank has increased by 9.86% at Rs 1895.92 crore for quarter under review as compared to Rs 1725.62 crore for the quarter ended December 31, 2012.
The bank’s gross NPA for the December 31, 2013 quarter of the current fiscal stood at 2.83%, as compared to 3.85% in the same quarter of the previous year. Besides, bank’s Net NPA stood at 0.86% as compared to 0.92% in the same quarter of the previous year.
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