Federal Bank Q2 PAT down 26.2% at Rs 308 cr on higher provisions

Net interest income up 23% YoY to Rs 1,380 cr, Other income, comprising fee and commission, grew by 21% to reach Rs 509 cr

Private sector lender Federal Bank on Friday reported a 26.2 per cent decline in net profit at Rs 307.6 crore for the second quarter ended September over the same period a year ago. This is primarily due to a sharp rise in provisions and contingencies.

Sequentially, the Kochi-headquartered bank had posted a net profit of Rs 400.77 crore in the quarter ended June 30 (Q1FY21). Its stock closed 0.97 per cent higher at Rs 52.25 per share on the BSE.  

The bank said it expects up to 3 per cent of its loan book (about Rs 350 crore) to come up for