Shares of Federal Bank today plunged nearly 5 per cent after the private sector lender reported a 96 per cent decline in net profit for the March quarter.
Federal Bank on Saturday reported a 96 per cent decline in net profit to Rs 10.26 crore for the fourth quarter ended March 31, due to higher provisioning.The company had posted a net profit of Rs 280.53 crore in the year ago period.
Total income during January-March rose to Rs 2,253.38 crore from Rs 2,214.28 crore in the year ago period, the firm had said in a regulatory filing on Saturday.As per the company's balance sheet its provisions rose to Rs 388.64 crore in January-march from Rs 39.78 crore in the same period of the 2014-15 fiscal.
For the full fiscal, profit sharply declined to Rs 486.42 crore from Rs 1,057.81 crore in 2014-15.
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