Federal Bank net tanks 96% to Rs 10 cr in Q4

Private sector lender Federal Bank on Saturday reported a 96 per cent decline in net profit to Rs 10.26 crore for the fourth quarter ended March 31, due to higher provisioning.

The company had posted a net profit of Rs 280.53 crore in the year-ago period. Total income during January-March rose to Rs 2,253.38 crore, from Rs 2,214.28 crore in the year-ago period, the company said in a regulatory filing.

According to the company’s balance sheet, its provisions rose to Rs 388.64 crore in January-March, from Rs 39.78 crore in the same period of the 2014-15 financial year. For the full financial year, profit sharply declined to Rs 486.42 crore, from  Rs 1057.81 crore in 2014-15 financial year.
 

The company’s board, meanwhile, has recommended a dividend of 35 per cent —Rs 0.70 per equity share on face value of Rs 2 each for the year 2015-16.