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Federal Bank Q2 net profit rises nearly 50%, NII up 7%

Federal Bank on Friday reported a standalone net profit of ₹460.26 crore for the second quarter ended September, up nearly 50% as compared to ₹370.6 crore in the same quarter of the previous fiscal. The bank’s net interest income, difference between interest earned and interest expended, surged around 7% to ₹1,479.4 crore from ₹1,380 crore year-on-year (YoY).

Federal Bank’s asset quality improved on a sequential basis as gross NPA came at 3.24% as against 3.50% in the previous quarter. Its net NPA stood at 1.12% from 1.23% quarter-on-quarter (QoQ). However, the gross NPA during the year-ago quarter stood at 2.84% whereas net NPA at 0.99%.

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