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Federal Bank Q4 profit jumps 25 times on sharply lower provisions; NPA falls 15%

Federal bank, shares, financial results, stock market

Mumbai: Private sector lender Federal Bank's fourth quarter profit shot up nearly 25 times to Rs 256.6 crore compared with same quarter last fiscal, driven by improvement in asset quality and lower provisions.

Net interest income during the quarter grew 23 percent to Rs 842.4 crore, with loan growth of 26 percent at Rs 73,336.27 crore compared with year-ago quarter.

Other income (non-interest income) also jumped 19.4 percent year-on-year to Rs 282.11 crore and operating profit spiked 39.2 percent to Rs 549.2 crore, which also supported profitability of the bank.

Numbers were ahead of analysts' expectations. Profit was expected at Rs 219.6 crore and net interest income Rs 829.3 crore for the quarter, according to average of estimates of analysts polled by CNBC-TV18.

At 15:25 hours IST, the stock price was quoting at Rs 107.60, up Rs 13.00, or 13.74 percent amid high volumes on the BSE.

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