The bank’s income during the first quarter increased to Rs 3,932.52 crore, whereas it’s income in the corresponding quarter was Rs 3,620.82 crore.
Income from other sources touched Rs 488.37 crore in the June ending quarter as compared to Rs 391.52 crore in previous corresponding quarter in FY20
Federal Bank’s net NPAs have come down to 1.22 per cent (Rs 1,477.46 crore) from 1.49 per cent. The bank has done a provisioning for bad loans and contingencies of Rs 394.62 crore.
Gold loans have seen a growth of 36.19% at Rs 10,243 crore and total saving deposit growth of 21% touching Rs 42059 crore.
Shyam Srinivasan, Managing Director & CEO, Federal Bank said “We believe we have delivered a very healthy outcome in arguably the toughest operating conditions in well over 100 years. The Bank has been exemplar, braved all challenges and held fort all along and that is encouraging.”
He added, “The net NPA is down to 1.22% which is the lowest for the Bank in last 20 quarters. Cost to income has improved substantially and that augurs well for the Bank. Overall an encouraging quarter, given the challenging environment and truly motivates us to ensure sensible growth with abundant caution.”
