Business News Update : Federal Bank’s Q4 net profit up 58.6%

Insight Online News

Mumbai, May 17 : Federal Bank on Monday reported 58.6 per cent growth in its net profit for the January-March quarter at Rs 477.81 crore.

Its Net Interest Income grew by 17 per cent (YoY) to reach Rs 1,420 crore, the bank said in a statement.

Gross advances reached Rs 1,34,876.71 crore as on March 31, 2021 from Rs 1,24,153.18 crore as on March 31, 2020 registering a growth of 8.64 per cent.

Shyam Srinivasan, Managing Director & CEO, Federal Bank said: “We delivered our highest every quarterly profit despite an extremely challenging environment.

Some of the segments such as gold loans and CASA continue to shine for us with gold loans registering a staggering growth of 70.05 per cent. The asset quality held up well and Net NPA of 1.19 per cent placed the bank amongst the best in the industry.”

The gross NPA of the bank as on March 31, 2021 stood at Rs 4,602.39 crore.

IANS

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