The private sector lender had reported a net profit of Rs 280.61 crore in the corresponding quarter last year.
Analysts in an ETNow poll had projected a net profit of Rs 430.50 crore.
Net interest income (NII) of the lender increased 12.42 per cent YoY to Rs 1,182.53 crore in Q2FY20 over Rs 1,051.84 crore in Q2FY19. ETNow poll expected NII at Rs 1,200.40 crore.
Provisions and contingencies inched lower to Rs 253.43 crore during the quarter under review against Rs 285.60 crore in the same period last year. The figure stood at Rs 193.32 crore in the preceding quarter ended June 2019.
Earnings Report Card:
Net Profit | Rs 425 crore | Up 52% |
NII | Rs 1,183 crore | Up 12% |
Provisions | Rs 253 crore | Down 12% |
Shares of Federal Bank traded 3.43 per cent down at Rs 81.60 after the announcement of corporate results, while the benchmark BSE Sensex was down 40 points, or 0.11 per cent, at 38,465.
Asset quality of the lender deteriorated marginally with percentage of gross non-performing assets rising to 3.06 per cent against 2.98 per cent on quarter-on-quarter (QoQ) basis. The figure stood at 3.10 per cent in the same quarter last year.
Percentage of net NPA came at 1.60 per cent over 1.50 per cent QoQ.
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