Lower provisions drive Federal Bank Q4 net up 13% to Rs 541 cr

NIM of the lender rose 7.38% to Rs 1,525.21 crore in Q4FY22, from Rs 1,420.37 crore in the year-ago period

Private sector lender, Federal Bank, reported a 13.12 per cent jump in net profit in the January – March quarter, aided by lower provisions. Net profit in the quarter totaled to Rs 540.54 crore, the highest in a quarter, versus Rs 477.81 crore in the year-ago period.

Net interest income of the lender increased 7.38 per cent to Rs 1,525.21 crore in Q4FY22 compared to Rs 1,420.37 crore in the year-ago period. Other income of the lender dropped 2.6 per cent during the same period to Rs 465 crore. Net interest margin, a measure of profitability of banks, stood at