Federal Bank on Thursday reported a net profit of Rs 230 core in the third quarter of the current fiscal, a 9 per cent growth over the corresponding quarter of the previous year.
In a conference call with media persons on Friday, Federal Bank Managing Director Shyam Srinivasa said the profit growth was reasonably good in view of the macroeconomic factors.
The bank had focused on lending to retail and small and medium (SME) enterprises. Big ticket credit had come down. “We sacrificed growth for quality,” Srinivasan said.
He said the asset quality of the bank had improved with the gross non-performing assets coming down to Rs 1,201 crore during Q3 FY14 from Rs 1,466 crore in the same period last year.