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Federal Bank third-quarter profit jumps 28 percent, beats estimates

earnings | IST

Federal Bank third-quarter profit jumps 28 percent, beats estimates

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Asset quality was largely stable, with gross bad loans as a percentage of total loans at 3.14 percent at the end of December, compared to 3.11 percent in the previous quarter and 2.52 percent a year earlier.

Private-sector lender Federal Bank Ltd posted a 28.3 percent jump in third-quarter profit on Thursday, as a healthy increase in interest income helped offset the impact of higher provisions.

Net profit was Rs 334 crore ($46.82 million) in the three months to December 31, compared to Rs 260 crore a year earlier, the Kerala-based lender said.
That compares to analysts' average estimates of a profit of Rs 297 crore, I/B/E/S data from Refinitiv showed.
Asset quality was largely stable, with gross bad loans as a percentage of total loans at 3.14 percent at the end of December, compared to 3.11 percent in the previous quarter and 2.52 percent a year earlier.
Interest earned rose 18.1 percent to Rs 2,954 crore, while provisions climbed 17 percent.
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