Federal Bank announced the results for the second quarter of FY 2017-18, with the bank registering a 31 per cent Y-o-Y growth in its net profit during the period. The operating profit stood at Rs.583.20 crore, the highest ever in the Bank’s history.
The net total income during the period was Rs.1,186.13 crore, up from Rs.998.26 crore when compared to Q2 of 2016-17.
Federal Bank’s net interest income grew 23.70 per cent, touching Rs.898.91 crore against Rs.726.18 crore in Q2 last year.
The net profit for the quarter ending September 2017 stood at Rs.263.70 crore, up from Rs.201.24 crore.
|Parameter||Q2 (2016-17) (Rs. crore)||Q2 (2017-18) (Rs. crore)||Y-o-Y growth (%)|
|Net interest income||726.18||898.91||23.79|
|Net total income||998.26||1,186.13||18.82|
The net profit for the first two quarters of the year stood at Rs.473.85 crore, while the operating profit for the same period was Rs.1,141.06 crore.
Federal Bank saw a Y-o-Y growth of 17.80 per cent in its total business, with it touching Rs.1,77,856.63 crore. NRE deposits contributed significantly to this growth, having themselves seen a 17.86 per cent growth during the quarter, touching Rs.38,255.82 crore.
The bank lent money to the tune of Rs.81,496.54 crore, up from Rs.65,439.31 crore during the same quarter last year.
Non-performing assets (NPAs) have been a major cause of concern for banks across the country, with Federal Bank too facing this problem. Its NPAs at the end of the quarter were Rs.1,948.97 crore, with the net NPA amounting to Rs.1,066.38 crore.
When compared to its gross advances, Federal Bank’s NPAs were 2.39 per cent.
Deposits of the bank saw a 12.64% growth, ending Q2 at Rs.97,210.75 crore.
The overall net worth of the bank as of September 30, 2017 was Rs.11,647.32 crore, with its investments amounting to Rs.26,317.50 crore.
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