Mumbai: Private sector lender Federal Bank said on Monday its third quarter net profit rose by 32 per cent to Rs 441 crore compared to Rs 334 crore in the year-ago period.
This was largely on the back of higher other income and lower provisions.
Net interest income (the difference between interest earned on loans and that paid on deposits) increased by 7.21 per cent to Rs 1,155 crore from Rs 1,077 crore in the corresponding period last year.
Other income including core fee income rose by over 18 per cent to Rs 408 crore in the October to December quarter from Rs 345 crore a year ago.
Gross non-performing assets (NPAs) as a percentage of total advances were at 2.99 per cent in the December quarter compared with 3.07 per cent in the September quarter and 3.14 per cent in the year-ago quarter.
Provisions decreased by 15.39 per cent to Rs 161 crore as against Rs 190 crore in the year-ago quarter. Post-provision, the net NPA ratio was at 1.63 per cent against 1.59 per cent in the July-September quarter and 1.72 per cent in the year-ago quarter.