Federal Bank's net interest income, the difference between interest earned and interest expended, grew 10.7 percent year-on-year to Rs 564.2 crore during April-June quarter.
Private sector lender Federal Bank reported strong earnings with the first quarter (April-June) net profit surging 108 percent to Rs 220.2 crore compared to Rs 105.7 crore in same quarter last year, aided by sharp fall in provisions and improvement in asset quality performance despite fall in other income. Net interest income, the difference between interest earned and interest expended, grew 10.7 percent year-on-year to Rs 564.2 crore during April-June quarter while other income (non-interest income) fell 27.5 percent to Rs 156.54 crore from Rs 215.79 crore year-on-year. Net interest margin was down to 3.25 percent from 3.6 percent on sequential basis. On the asset quality front, gross non-performing assets (NPA) slipped 24 basis points sequentially and 129 bps on yearly basis to 2.22 percent and net NPA declined 6 bps Q-o-Q and 23 bps Y-o-Y to 0.68 percent in the quarter gone by. In absolute term, gross NPA dropped 6.5 percent Q-o-Q and 31.5 percent Y-o-Y to Rs 1,016.43 crore and net NPA went down 5.5 percent Q-o-Q and 18.7 percent Y-o-Y to Rs 303.9 crore during April-June quarter. Provisions saw a significant fall during the quarter, down to Rs 22 crore compared to Rs 55 crore in previous quarter and Rs 235 crore in same quarter last year. In Q1FY14, provisions of the bank spiked 290 percent Y-o-Y to Rs 245 crore that resulted in PAT falling 44 percent Y-o-Y to Rs 106 crore.
Private sector lender Federal Bank reported strong earnings with the first quarter (April-June) net profit surging 108 percent to Rs 220.2 crore compared to Rs 105.7 crore in same quarter last year, aided by sharp fall in provisions and improvement in asset quality performance despite fall in other income. Net interest income, the difference between interest earned and interest expended, grew 10.7 percent year-on-year to Rs 564.2 crore during April-June quarter while other income (non-interest income) fell 27.5 percent to Rs 156.54 crore from Rs 215.79 crore year-on-year. Net interest margin was down to 3.25 percent from 3.6 percent on sequential basis. On the asset quality front, gross non-performing assets (NPA) slipped 24 basis points sequentially and 129 bps on yearly basis to 2.22 percent and net NPA declined 6 bps Q-o-Q and 23 bps Y-o-Y to 0.68 percent in the quarter gone by. In absolute term, gross NPA dropped 6.5 percent Q-o-Q and 31.5 percent Y-o-Y to Rs 1,016.43 crore and net NPA went down 5.5 percent Q-o-Q and 18.7 percent Y-o-Y to Rs 303.9 crore during April-June quarter. Provisions saw a significant fall during the quarter, down to Rs 22 crore compared to Rs 55 crore in previous quarter and Rs 235 crore in same quarter last year. In Q1FY14, provisions of the bank spiked 290 percent Y-o-Y to Rs 245 crore that resulted in PAT falling 44 percent Y-o-Y to Rs 106 crore.
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