Federal Bank Q2 net up 30.8% to Rs 263 cr on robust interest income

Federal Bank.jpg

Private-sector lender Federal Bank’s net profit for the second quarter ended September 2017 rose by 30.8 per cent to Rs 263 crore on robust growth in net interest income.

It had posted a net profit of Rs 201 crore in July-September 2016.

Federal Bank’s stock was trading 3.16 per cent up at Rs 121 per share on BSE. Its net interest income rose by 23.8 per cent to Rs 899 crore in Q2 of FY18 from Rs 726 crore in the same quarter a year ago.

Its, other income comprising fees, commissions and treasury revenues rose marginally to Rs 287 crore from Rs 272 crore in the second quarter of 2017.

The asset quality showed some improvement in percentage terms with the gross non-performing assets (GNPAs) at 2.39 per cent at end of September 2017 as against 2.78 per cent a year.

The provisions and contingencies were almost flat at Rs 176 crore compared to 168 crores in the second quarter of 2017. 

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