Q4 Results: Federal Bank net profit doubles

Leading private lender Federal Bank reported strong numbers for the Q4FY19. The bank registered a 17 per cent growth in net interest income (NII) for the March quarter FY19 at Rs. 1,097 crore as against Rs. 933 crore in the Q4FY18.

The bank reported a strong net profit growth of 163 per cent for the March quarter. The standalone net profit after tax (PAT) for the quarter was Rs. 382 crore as against Rs. 145 crore YoY, reported the bank’s earnings release on Saturday.

The brighter set of numbers were largely due to higher interest income and lower provisioning at Rs. 177.76 crore in Q4FY19 as against Rs. 371.53 crore in Q4FY18.

The asset quality for the quarter improved with GNPA at 2.92 per cent and NNPA at 1.48 per cent.

The bank’s provision coverage ratio was at 67.16 per cent as of March 31, 2019 and total capital adequacy ratio was at 14.14 per cent.

On full year basis, for the year ended March 31, 2019, Federal Bank earned a net interest income of Rs. 4,176.35 crore as against Rs. 3,582.81 crore for FY18, an increase of 16.5 per cent. The bank's net profit for the year ended March 31, 2019 was at Rs. 1243.89 crore as against Rs. 878.85 crore for FY18, an increase of 41.54 per cent.

Also, the bank’s Board of Directors have recommended a dividend of Rs. 1.40 per equity share of face value Rs. 2 for the March quarter.

On Friday, the stock of Federal Bank closed at Rs. 97.75, down by Rs. 3.55 or 3.63 per cent on BSE.