Profit before tax in Q3 FY21 stood at Rs 542.28 crore, down by 6.98% from Rs 582.96 crore in Q3 FY20. Tax expense declined by 2.91% year-on-year (YoY) to Rs 138.18 crore.
Operating profit increased by 29.45% to Rs 962.90 crore in Q3 December 2020 from Rs 743.82 crore in Q3 December 2019.
On the asset quality side, gross non-performing assets (NPAs) stood at Rs 3,470.18 crore as on 31 December 2020 as against Rs 3,552.19 crore as on 30 September 2020 and Rs 3,618.69 crore as on 31 December 2019.
The ratio of gross NPAs to gross advances stood at 2.71% as on 31 December 2020 as against 2.84% as on 30 September 2020 and 2.99% as on 31 December 2019. The ratio of net NPAs to net advances stood at 0.60% as on 31 December 2020 as against 0.99% as on 30 September 2020 and 1.63% as on 31 December 2019.
Provisions and contingencies surged 161.48% to Rs 420.62 crore in the third quarter as against Rs 160.86 crore in the same period last year.
The bank held a provision of Rs 587.91 crore as on 30 September 2020 against the likely impact of COVID-19, including the RBI mandated provision. During the current quarter, the bank has utilized Rs 51.22 crore from the above provision for creation of RBI mandated provision for advances restructured under “Resolution framework for COVID-19 related stress”. Hence, the aggregate provision against the likely impact of COVID-19, including the RBI mandated provision, stands at Rs 536.69 crore as on 31 December 2020.
Federal Bank operates through four segments: treasury, corporate or wholesale banking, retail banking and other banking operations.
The scrip rose 1.13% to Rs 76.25. It traded in the range of 74.60 and 77.55 so far during the day.
In the past one year, the stock has tumbled by 18.71% while the benchmark S&P BSE Sensex gained 19.98% during the same period.
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Valued Customer,
BOB Capital Markets Limited (BOBCaps) is firmly committed to the safety of your wealth. We would like to bring to your notice certain precautions that you certainly must take against potential tele-fraudsters/ unscrupulous and unregistered portfolio managers:
ALWAYS AVOID
Certain tele-fraudsters / unscrupulous and unregistered portfolio managers call customers or SMS them on the pretext of providing investment tips and lure them to invest through their bogus firms by promising huge profits. Such deceitful callers ask the customer to share his/her login credentials with passwords to allow trading in their accounts, assuring huge returns. Often trades done in the customer’s accounts are far from the best interest of the customers. Holdings of customers are often sold and with the funds, trades are then placed in illiquid securities at unrealistic prices. At times, the holdings of customers are sold at prices detrimental to the customer.
The so-called “portfolio manager” assures profits, which naturally does not materialize. Customers are deceived into providing access to their trading accounts, thereby allowing such fraudsters access to funds and securities available to execute trades, injurious to the customer’s interest.
We would like to caution you against such fraudulent calls and SMSes and urge you to be alert. Follow the golden rule:
Do not share your Login Credentials or Passwords with anybody
BOBCaps employees / representatives never ask for your password.
The following illicit activities by the persons named herein have come to the notice of Stock Exchanges: