Federal Bank, a private sector lender, first quarter profits jumped 2.08 times from a year ago. The bank reported a profit of Rs 2.20 billion for the quarter ended Jun. 30, 2014, compared with Rs 1.06 billion, a year ago.
Quarterly income totaled at Rs 19.28 billion, an increase of 3.16% over Rs 18.69 billion in the same period a year ago.
The bank has made provision of Rs 220.8 million, which was lower by 90.61% from prior year period.
Net NPA was at 3.04 billion for the quarter ended Jun. 30, 2014, as compared to Rs 3.74 billion in the same period last year, representing a decrease of 18.66%.
In percentage term, net NPAs were at 0.68% at the end of the quarter lower than 0.91% from last year period.
Capital adequacy ratio (CAR) of the bank under Basel III was at 15.16% as on Jun. 30, 2014.
Shares of the bank gained Rs 1.15, or 0.93%, to settle at Rs 125.20 at the BSE (Wednesday).