Federal Bank third quarter net surges 26% to Rs 2.6 bn on higher income

During the quarter, the gross non-performing assets (NPAs) fell to 2.52% from 2.77%

The Federal Bank on Monday posted a 26.43 per cent rise in net profit at Rs 260.01 crore for the third quarter ended December 31, 2017.

The private sector lender had recorded a net profit of Rs 205.65 crore in the same quarter previous financial year.

Total income of the lender grew to Rs 2,729.83 crore during the quarter from Rs 2,556.83 crore in the year-ago period, it said in a regulatory filing.

During the quarter, the gross non-performing assets (NPAs) fell to 2.52 per cent from 2.77 per cent at the end of the third quarter of 2016-17.

Net NPAs of the bank stood at 1.36 per cent as against 1.58 per cent reported in the same quarter of the previous financial year.
 
Shares of Federal Bank settled at Rs 113.25 apiece, down 1.61 per cent, on BSE.