NEWS & ADVICE : CAR LOANS
Federal Bank net profit decreases by 7% on higher provisions
By Joseph Samson
Apr 29, 2013
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The private sector lender, Federal Bank has posted a fall in net profit by seven per cent to Rs 222 crore in the January-March quarter of the financial year 2012-13. Higher provisioning towards bad loans and lower interest income muted the profit.

The Kerala-based bank had reported a net profit of Rs 238 crore in the corresponding quarter of the previous year.

Net interest income (NIM) during the fourth quarter declined marginally by two per cent to Rs 480 crore as compared with Rs 491 crore in the fourth quarter in FY12.

However, other income grew by 23 per cent to Rs 197 crore in the fourth quarter in FY13 from Rs 161 crore in the corresponding period in FY12.

Provisions during the quarter increased nine per cent to Rs 148 crore compared with Rs 135 crore in March quarter last year. Net profit for the year ended March 2013 rose eight per cent to Rs 838 crore as compared to Rs 777 crore last year.

Net interest income in FY13 increased marginally to Rs 1,975 crore compared with Rs 1,953 crore in FY12.

As on March 31, 2013, total advances rose up by 17 per cent to Rs 44,097 crore, while deposits increased 18 per cent to Rs 57,615 crore.

Net interest margin (NIM) as on March 31, 2013, stood at 3.37 per cent.

Net non-performing assets (NPA) increased to 0.98 per cent as on March 31, 2013, from 0.53 per cent as on March 31, 2012.


 


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