Federal Bank net profit jumps 50 per cent in September quarter

The private sector lender posted a 52% jump in standalone net profit at Rs 703.71 crore. 

Published: 15th October 2022 09:18 AM  |   Last Updated: 15th October 2022 09:18 AM   |  A+A-

Federal Bank in Delhi.

Federal Bank. (File photo| PTI)

By Express News Service

NEW DELHI:  Kochi-based Federal Bank on Friday reported a 50% jump in its September quarter consolidated net profit at Rs 733.34 crore on the back of healthy growth in both interest and other income streams. The private sector lender posted a 52% jump in standalone net profit at Rs 703.71 crore. 

The bank’s provision coverage ratio (PCR) moved up to 67.41%, while the total provisions moved up 12.6% to Rs 506 crore. The core net interest income rose 19.1% to Rs 1,762 crore, helped by a 20% growth in advances and 0.10% widening in the net interest margin to 3.30%. Its other income rose to Rs 610 crore from Rs 492 crore in the year-ago period through what Srinivasan termed was all-round growth across lines.

Bajaj Auto Q2 net falls 16%

Bajaj Auto on Friday reported a 16 per cent decline in its consolidated net profit to Rs 1,719 crore for the September quarter, hit by a 25 per cent dip in overseas shipments. The Pune-based company had posted a consolidated net profit of Rs 2,040 crore in the July-September quarter of the previous fiscal. Total revenue from operations, however, rose to Rs 10,203 crore in the September quarter against Rs 8,762 crore in the year-ago period, Bajaj Auto said in a regulatory filing.


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