The private lender reported 8.29% decline in net profit to Rs 404.10 crore on 5.43% rise in total income to Rs 3,941.36 crore in Q3 FY21 over Q3 FY20.
Profit before tax in Q3 FY21 stood at Rs 542.28 crore, down by 6.98% from Rs 582.96 crore in Q3 FY20. Tax expense declined by 2.91% year-on-year (YoY) to Rs 138.18 crore.
Operating profit increased by 29.45% to Rs 962.90 crore in Q3 December 2020 from Rs 743.82 crore in Q3 December 2019.
On the asset quality side, gross non-performing assets (NPAs) stood at Rs 3,470.18 crore as on 31 December 2020 as against Rs 3,552.19 crore as on 30 September 2020 and Rs 3,618.69 crore as on 31 December 2019.
The ratio of gross NPAs to gross advances stood at 2.71% as on 31 December 2020 as against 2.84% as on 30 September 2020 and 2.99% as on 31 December 2019. The ratio of net NPAs to net advances stood at 0.60% as on 31 December 2020 as against 0.99% as on 30 September 2020 and 1.63% as on 31 December 2019.
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Provisions and contingencies surged 161.48% to Rs 420.62 crore in the third quarter as against Rs 160.86 crore in the same period last year.
The bank held a provision of Rs 587.91 crore as on 30 September 2020 against the likely impact of COVID-19, including the RBI mandated provision. During the current quarter, the bank has utilized Rs 51.22 crore from the above provision for creation of RBI mandated provision for advances restructured under Resolution framework for COVID-19 related stress. Hence, the aggregate provision against the likely impact of COVID-19, including the RBI mandated provision, stands at Rs 536.69 crore as on 31 December 2020.
Federal Bank operates through four segments: treasury, corporate or wholesale banking, retail banking and other banking operations.
The scrip rose 1.13% to Rs 76.25. It traded in the range of 74.60 and 77.55 so far during the day.
In the past one year, the stock has tumbled by 18.71% while the benchmark S&P BSE Sensex gained 19.98% during the same period.
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