The net profit of Federal Bank has doubled to Rs.220.23 crore during the quarter ended June 30, 2014 from Rs.105.66 crore in the same quarter in the previous year.
Announcing the results, Managing Director Shyam Srinivasan said here on Wednesday that the bank had put up an impressive performance during the quarter.
Total income during the quarter grew by 3.16 per cent year-on-year to Rs.1,928.04 crore. Total deposits increased by 8.46 per cent to Rs.61,815.36 crore from Rs.56,995.66 crore. Advances rose by 9.08 per cent to Rs.45,011.62 crore from Rs.41,263.05 crore. Net non-performing assets dropped to 0.68 per cent from 0.91 per cent. Return on equity increased to 12.54 per cent from 6.77 per cent. Savings deposits grew by 14.73 per cent to reach Rs.15,845.65 crore. The capital adequacy ratio, computed as per Basel III guidelines, stands at 15.16 per cent at the end of the first quarter.
