Federal Bank jumped nearly 5% to Rs 96.35 after the private bank posted a 29.1% rise in standalone net profit to Rs 522 crore in Q3 FY22 from Rs 404 crore posted in Q3 FY21.
The bank's total income stood at Rs 3926.75 crore in Q3 FY22 as compared to Rs 3934.90 crore in Q3 FY21. Operating profit before provisions and contingencies fell 4.4% year on year to Rs 914.29 crore in Q3 FY22. The result was announced during market hours today, 25 January 2022.Net interest income came at Rs 1539 crore in Q3 FY22, 7% higher than Rs 1437 crore posted in the same quarter last year. Net interest margin improved marginally to 3.27% in Q3 FY22 from 3.22% in Q3 FY21.
Provisions and contingencies contracted 48% to Rs 213.9 crore in Q3 FY22 from Rs 4141 crore in Q3 FY21. The capital adequacy ratio stood at 14.37% in Q3 FY22 as compared to 14.31% in Q3 FY21. Provision coverage ratio stood at 79.62% in Q3 FY22 compared to 86.32% a year earlier.
Commenting on the results, Shyam Srinivasan, MD & CEO, said, We are pleased to continue our strong performance with improvement across all parameters. Credit quality remains top quartile on the back of disciplined lending practices. The Bank has delivered strong bottom line with key gains in Net Interest Income, Fee Income and Net Interest Margin. Net Profit improved substantially registering a growth of 29% and it helped deliver RoA of 1%+
Gross NPA and net NPA of the Bank as at the end of the quarter stood at Rs 4401.26 crore and Rs. 1471.18 crore respectively. Gross NPA as a percentage stands at 3.06% and net NPA as a percentage stood at 1.05%, improving sequentially.
Net advances recorded a growth of 12.14% to reach Rs 1,40,742.63 crore from Rs 1,25,504.77 crore posted on 31 December 2021. Total deposits reached Rs 1,75,431.69 crore from Rs 1,61,669.92 crore as on 31 December 2021.
More From This Section
Federal Bank operates through four segments: treasury, corporate or wholesale banking, retail banking and other banking operations. The bank has 1274 branches and 1882 ATMs/Recyclers as on 31st December 2021.
Powered by Capital Market - Live News