Federal Bank Q3 net profit up 26https://indianexpress.com/article/business/banking-and-finance/federal-bank-q3-net-profit-up-26-5026338/

Federal Bank Q3 net profit up 26

The operating profit of the lender increased by 18.21 per cent to reach Rs 561.40 crore as on December 31, 2017

Kerala-based Federal Bank on Monday reported a 26.43 per cent rise in net profits for the three months to December to Rs 260 crore on a healthy rise in core income and a drop in dud assets. The private-sector lender had recorded a net profit of Rs 205.65 crore in the same quarter of the previous fiscal, bank sources said in a press release.

The operating profit of the lender increased by 18.21 per cent to reach Rs 561.40 crore as on December 31, 2017. The total income of the bank increased to Rs 2,729.83 crore during the quarter from Rs 2,556.83 crore in the year-ago period. The bank earned a net interest income (NII) of Rs 950 crore for the quarter, an increase of 20 per cent year-on-year. The net interest margin (NIM) of the bank as on December 31 stood at 3.33 per cent.

Managing director and chief executive officer Shyam Srinivasan said trading gains more than halved to Rs 29 crore from Rs 85 crore a year ago. Credit growth has been diversified, and the bank is staying away from long tenor advances especially to infrastructure-linked sectors which have witnessed stress in the recent times, Srinivasan said.

FE & PTI