29% jump in Fedfina's profit to Rs.65.4 crore in Q3

FedBank Financial Services, the non-banking concern of Keralal-based Federal bank, reported a 27.8 per cent YoY rise in its net profit to Rs.65.4 crore in the December quarter of financial year 2023-24. The company had earned a net profit of Rs. 51.17 crore profit in the year-ago period.

The company, also known as Fedfina, announced its quarterly results for the first time after the launch of its IPO. The company's total income and total revenue from operations stood at Rs. 413.5 crore, a 34% YoY rise from Rs.308.73 crore reported during the year-ago period.

On a sequential basis, the company's net profit increased by 13.2 per cent from Rs 57.76 crore reported in the July-September quarter. The non-performing of the company came in at Rs. 429.45 crore for the quarter under review.

Ahead of the quarterly earnings announcement, the company shares closed 1.04 per cent higher at Rs. 41.25 per share on BSE on Monday.

The company's gross non-performing assets (NPA) declined from 2.34 per cent in the previous quarter to 2.19 per cent, according to Fedfina's BSE filing. Its net NPA improved to 1.66 per cent during the quarter under review. The financial firm also witnessed a 24 per cent annual rise in disbursals, which were reported at Rs.3,344 crore in the reporting quarter.