Federal Bank logged a net profit of Rs 334 crore in three months to December 31Private-sector lender Federal Bank posted a 28.3 per cent jump in third-quarter profit on Thursday, as a healthy increase in interest income helped offset impact of higher provisions.Net profit was Rs 334 crore ($46.82 million) in three months to December 31, compared to Rs 260 crore a year earlier, Kerala-based bank said.That compares to analysts' average estimates of a profit of Rs 297 crore, data from Refinitiv showed.Asset quality was largely stable, with gross bad loans as a percentage of total loans at 3.14 per cent at end of December, compared to 3.11 per cent in previous quarter and 2.52 per cent a year earlier.Interest earned rose 18.1 per cent to Rs 2,954 crore, while provisions climbed 17 per cent.Shares in Federal Bank declined as much as 4 per cent on Thursday.
At 1:12 pm, stock traded 3.7 per cent lower at Rs 88.35 apiece on NSE.($1 = Rs 71.3400)