Mumbai: Private lender Federal Bank on Tuesday posted a 38.5 per cent drop in net profit at Rs 162.7 crore for the third quarter ended December due to a rise in bad loans.For latest news on Business & Budget 2017, like us on Facebook and follow us on Twitter.
The bank had recorded a net profit of Rs 264.6 crore in the same quarter last fiscal, Federal Bank said in a regulatory filing.
The total income of the lender also came down to Rs 2,086 crore during the quarter, from Rs 2,090 crore in the year-ago period.
During the quarter, the gross non-performing assets (NPAs) rose to 3.15 per cent, from 2.19 per cent at the end of the third quarter of 2014-15.
Net NPAs of the bank also rose to 1.66 per cent of the total assets, from 0.69 per cent.
Provision other than the tax and contingencies of the bank shot up to Rs 751.1 crore compared with Rs 8 crore in the same period last fiscal.