Federal Bank reports 28 pct jump in net profit during Q3

Private sector lender Federal Bank Thursday posted a 28.3 per cent increase in net profit at Rs 333.63 crore for the third quarter ended December 31, 2018. The bank had recorded a net profit of Rs 260 crore in the corresponding quarter of the previous financial year. The total income of the lender also improved to Rs 3,299.96 crore during the third quarter as against Rs 2,729.83 crore in the year-ago period, Federal Bank said in a regulatory filing.

Gross non-performing assets (NPAs) rose to 3.14 per cent of the total advances during the quarter, compared with 2.52 per cent at the end of the third quarter of 2017-18. Net NPAs of the bank also increased to 1.72 per cent of the total assets in October-December 2018, against 1.36 per cent a year ago.

(With inputs from agencies.)