Federal Bank Q3 profit up 32% to Rs 441cr

Federal Bank on January 20 posted 32.1 per cent increase in net profit at Rs 440.64 crore for December quarter 2019-20. The private sector lender registered a profit of Rs 333.63 crore in the year-ago period.

Total income also improved to Rs 3,738.22 crore during the third quarter as against Rs 3,299.96 crore in the year-ago period, Federal Bank said in a regulatory filing.

Gross non-performing assets (NPAs) declined to 2.99 per cent of the total advances during the quarter, compared with 3.14 per cent at the end of the third quarter of 2018-19.

Net NPAs of the bank also fell to 1.63 per cent of the total assets in October-December 2019 as against 1.72 per cent a year ago.