Federal Bank’s profit rises 25 times to ₹256 cr

MUMBAI: Federal Bank Ltd on Friday said its net profit for the March quarter surged 25 times from a year ago owing to a low base last year. Net profit for the quarter rose a huge 2,400% to ₹256.59 crore from ₹10.26 crore a year ago. A Bloomberg poll of 16 analysts had forecast a net profit of ₹225.90 crore. Provisions and contingencies fell 68.43% to ₹122.70 crore in the quarter from ₹388.64 crore year ago.