Financial Insights

Federal Bank Q3 results: Profits rise 29% YoY as provisions decline

Private lender Federal Bank reported a 29.1% YoY growth in its net profit in its Q3 results. Profits stood at 521.73 crores against Rs 404.1 crores on December 2020. Moreover, net profits saw a 13.2% QoQ growth as profit for the quarter ended on September 2021 stood at Rs 460 crores.

Net Interest Income saw a 7.1% increment as the figure stood at Rs 1,538.9 crores. Its Net Interest Margin improved to 3.27%. However, its provisions fell by 48.3% to Rs 213.98 crores as compared to Rs 414.16 crores in December 2020.

Gross NPA was 3.06% & Net NPA was 1.05% at the end of the quarter. Its CASA ratio was at an all time high of 36.68%. Total business grew 10.10% YoY from Rs 2,87,174.69 crores as on December 2020 to Rs 3,16,174.33 crores as on December 2021.

“We are pleased to continue our strong performance with improvement across all parameters. The bank has delivered strong bottom line with key gains in NII, NIM and fee income. Net profit improved substantially, registering a growth of 29% and it helped deliver RoA of 1%+.” said Shyam Srinivasan, MD and CEO of Federal Bank.

Highlight by Aman Agarwal.

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