Federal Bank Q4 net jumps two-fold to Rs 381 cr on higher interest income

Federal Bank Saturday reported an over two-fold jump in net profit for the March quarter at Rs 381.51 crore on account of lower provisioning and higher interest income.

The private sector lender had posted a standalone net profit of Rs 144.99 crore in the fourth quarter of 2017-18 financial year.

Total income of the bank rose to Rs 3,444 crore in the March quarter of 2018-19, from Rs 2,862 crore in the same period last fiscal, Federal Bank said in a BSE filing.

Provisioning for bad loans during the quarter more than halved to Rs 177.76 crore, as against Rs 371.53 crore in the corresponding period of 2017-18.

Interest income increased to Rs 2,413 crore during the fourth quarter from Rs 1,951 crore earlier.

For the full 2018-19 fiscal, Federal Bank reported a standalone net profit of Rs 1,243.89 crore, up 41.5 per cent from Rs 878.85 crore in 2017-18.