New Delhi [India], Oct 16 (ANI): Private sector lender Federal Bank on Wednesday reported a healthy 56.7 per cent year-on-year growth in the second quarter profit due to other income and lower tax cost.
Net profit rose to Rs 416.7 crore against Rs 266 crore in the same period of last year. Total income was up 19 per cent to Rs 3,675 crore in Q2 FY20 from 3,088 crore in Q2 FY19.
Net interest income grew by 9.9 per cent year-on-year to Rs 1,124 crore with loan growth at 14.8 per cent. Total business crossed Rs 2.5 lakh crore to reach Rs 2.55 lakh crore, clocking a growth of 16.57 per cent.
Total advances grow from Rs 1 lakh crore to Rs 1.15 crore and total deposits increased from Rs 1.18 lakh crore to Rs 1.39 lakh crore as on September 30, marking a growth of 18 per cent.
However, asset quality weakened with gross non-performing assets (NPA) as a percentage of gross advances rising 8 basis points to 3.07 per cent and net NPA increasing 10 basis points to 1.59 per cent quarter-on-quarter.
"While the external environment remains challenging, we have negotiated well through the tough environment and maintained credit quality and focussed on building a granular and balanced business mix," said Managing Director and CEO Shyam Srinivasan.