Private sector bank, Federal Bank, reported on Monday that its single net profit rose nearly 59 per cent to Rs 478 crore during the quarter ended in March. The bank had achieved a net profit of Rs 301 crore in the same quarter of the financial year 2019-20. Today, its stock closed at Rs 81.55, up nearly 2 per cent. The 52-week high is Rs 92.50 and the lowest level is Rs 36.80. The market cap of the bank is close to 16300 crores. This bank has given a return of 2.50 per cent in a week, about 7 per cent in a month and 86 per cent in a year.
This profit is also significantly higher than the bank had achieved a net profit of Rs 404 crore in the last December 2020 quarter. The Federal Bank said in a regulatory notice, however, that income on a single basis was lower at Rs 3,832 crore in the fourth quarter of FY 2020-21, compared to Rs 4,108 crore in the same quarter of FY 2019-20.
On an integrated basis, net profit grew 65 per cent to Rs 500 crore in the quarter under review. However, the bank’s income declined by 5.4 per cent to Rs 3,996 crore, from Rs 4,223 crore in the same quarter a year ago. In terms of value, the gross NPA or implicated debt increased to Rs 4,602 crore as compared to Rs 3,531 crore in the year-ago period. However, the net NPA improved to 1.19 per cent (Rs 1,569 crore) from the earlier 1.31 per cent (Rs 1,607 crore).
If we talk about FY 2020-21, the bank’s single net profit increased by three per cent to Rs 1,590 crore. Total income during the year also increased to Rs 15,703 crore from Rs 15,142 crore in the previous year. It is recommended to pay the final dividend.
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