Federal Bank net profit jumps 53% on lower provisioning
Financial Express Mumbai|October 15, 2022
PRIVATE SECTOR LENDER Federal Bank on Friday reported a 53% year-on-year increase in its net profit for the three months ended September 30, on account of lower provisions.
Federal Bank net profit jumps 53% on lower provisioning

The net profit stood at ₹704 crore for the quarter under review, while provisions declined 9% to ₹268 crore. The pre-provisioning operating profit improved 33% to ₹1,212 crore, aided by a 24% rise in noninterest income at ₹609 crore.

The net interest margin expanded by 10 basis points (bps) to 3.30% despite an increase in cost of deposits.

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