Private sector lender Federal Bank on Saturday announced that its net profit for the fourth quarter ended March 31, 2016, plunged by 96 per cent at Rs 10.26 crore from the same period a year ago as provisions surged.In Q4 FY 2014-15, the bank had posted a net profit of Rs 280.53 crore, Federal Bank said in a filing to the Bombay Stock Exchange (BSE).Net interest income of the lender climbed 10 per cent at Rs 685.94 crore in Q4 FY 2015-16 from Rs 623.23 crore in the same period a year ago.Total income climbed by 1.8 per cent at Rs 2,253.38 crore in Q4 FY 2015-16 from Rs 2,214.28 crore in the same period a year ago.
Other income fell by 26 per cent at Rs 226.86 crore in Q4 FY 2015-16 from Rs 306 crore in the same period a year ago.Provisions (other than tax) and contingencies jumped by 877 per cent at Rs 388.64 crore in Q4 FY 2015-16 from Rs 39.78 crore in the same period a year ago.The percentage of Gross NPAs climbed to 2.84 per cent as at March 31, 2016, from 2.04 percent a year ago while that of Net NPAs jumped to 1.64 percent from 0.73 percent in the same period.Shares of Federal Bank fell by 0.97 per cent to end at Rs 45.95 a piece on Friday on the BSE.
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