Private sector lender Federal Bank today reported a fall of 43.5 per cent in its standalone net profit at Rs 144.99 crore in the quarter ended March of 2017-18 on higher provisioning money for bad loans.
The bank had made a net profit of Rs 256.59 crore in the same period of 2016-17.
Total income during the quarter stood up at Rs 2,862.14 crore as against Rs 2,598.06 crore in the same period of 2016-17, the bank said in a regulatory filing.
Provisioning for bad loans and contingencies were raised to Rs 371.53 crore for quarter ended March 2018 as against Rs 122.70 crore parked aside for the same purpose in the year ago period.
Bank's bad loans grew as the gross non-performing assets (NPAs) rose to 3 per cent of the gross loans (Rs 2,795.62 crore) as on March 31, 2018 compared with 2.33 per cent (Rs 1,727.05 crore) at end-March 2017.
Net NPAs or bad loans were 1.69 per cent of the net loans (Rs 1,551.96 crore) as against 1.28 per cent (Rs 941.20 crore).
Net profit (standalone) for 2017-18 was up at Rs 878.85 crore from Rs 830.79 crore in 2016-17. Income grew to Rs 10,911.98 crore from Rs 9,759.20 crore in the previous fiscal.
On consolidated basis, net profit during the full year was up by 6.6 per cent to Rs 909.65 crore from Rs 853.31 crore. Income grew to Rs 11,075.12 crore from Rs 9,867.04 crore in 2016-17.
The bank's board has recommended the payment of final dividend of Rs 1 per share and the same will be payable after shareholders approval in the annual general meeting of the bank, the lender said.
Stock of Federal Bank closed 2.27 per cent down at Rs 101.15 apiece on the BSE today.