Federal Bank's net profit for the fourth quarter increased 46.96 per cent to Rs 171.72 crore as against Rs 116.85 crore in the same quarter of the previous fiscal. For the year ended March 2011, its net profit was Rs 587.08 crore, which is 26.38 per cent higher than Rs 464.55 crore clocked in 2009-10.
The operating profit of the Aluva-based bank for the fourth quarter at Rs 350.22 crore, a shade lower (0.45 per cent) than the corresponding figure for the previous fiscal, This is mainly on account of an increase in costs due to wage revision and absorption of pension costs.
However, the operating profit for the fiscal ended March 31, 2011, was Rs 1,427.25 crore was higher by 12.84 per cent over the previous fiscal. The total income for Q4 increased by 14.53 per cent to Rs 1,241.21 crore, while for the entire fiscal, it increased by 8.67 per cent to Rs 4,568.84 crore. The net interest income for Q4 grew by 9.26 per cent to Rs 447.64 crore, while for the full year, the NII grew by 23.80 per cent to Rs 1,746.68 crore.
The bank has revamped its credit delivery, loan monitoring mechanism and NPA management. As a result of this, the gross NPAs fell to 3.49 per cent as against 3.95 per cent in the previous quarter. The net NPA decreased from 0.81 per cent to 0.60 per cent of the previous quarter.
The bank's total business reached Rs 74,968 crore as on March 31, 2011, an increase of 18.98 per cent from the previous fiscal-end. Total deposits increased by 19.29 per cent to Rs 43,014.78 crores by the end of March 2011 and in this the retail customer deposits showed an increase of 15.35 per cent over the March 2010 position.