 "Federal Bank Q3 profit slides 39% to Rs 163 cr")
Private lender Federal Bank today posted a 38.5% drop in net profit at Rs 162.7 crore for the third quarter ended December due to a rise in bad loans.
The bank had recorded a net profit of Rs 264.6 crore in the same quarter last fiscal, Federal Bank said in a regulatory filing.
The total income of the lender also came down to Rs 2,086 crore during the quarter, from Rs 2,090 crore in the year-ago period.
During the quarter, the gross non-performing assets (NPAs) rose to 3.15%, from 2.19% at the end of the third quarter of 2014-15.
Net NPAs of the bank also rose to 1.66% of the total assets, from 0.69%.
Provision other than the tax and contingencies of the bank shot up to Rs 751.1 crore compared with Rs 8 crore in the same period last fiscal.
