Federal Bank on Thursday reported 21% decline in standalone net profit at ₹301.23 crore for the 2019-20 March quarter on higher provisions for bad loans and contingencies arising out of COVID-19 crisis.
The lender had posted a profit of ₹381.51 crore for January-March 2018-19.
Income during the latest March quarter, however, increased to ₹4,107.95 crore as against ₹3,444.04 crore in the year-ago period, Federal Bank said in a regulatory filing.
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The bank’s provisions for bad loans and contingencies more than doubled to ₹567.50 crore during the quarter ended March 2020, from ₹177.76 crore parked aside a year earlier. In 2019-20, the bank’s net profit (standalone) rose by 24% to ₹1,542.78 crore as against ₹1,243.89 crore in 2018-19.
Income during the year grew to ₹15,142.16 crore from ₹12,770.05 crore in FY19.
Gross NPAs of the bank fell to 2.84% of the gross advances as on March 31, 2020, from 2.92% in the same period a year earlier.
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