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MUMBAI: A sharp increase in provisions pulled down quarterly profit at Federal Bank, India’s sixth-largest private lender, even as asset quality and core earnings improved. Net profit declined 14.6% to Rs 861.8 crore in the quarter ended June 30, 2025, from Rs 1,009.5 crore a year earlier.The fall in profit was driven by a 177.4% surge in provisions and contingencies, excluding tax, which rose to Rs 400.2 crore from Rs 144.3 crore in the year-ago quarter. The rise in provisioning, largely linked to the agri and microfinance portfolios, weighed on earnings despite stronger performance in the bank’s core lending operations.“We have had a strong quarter in terms of operational performance,” said managing director and CEO KVS Manian. “Besides the provisions for agri and microfinance sector, there has been no impact on asset quality. In the MFI segment, we have seen the peak of the slippage and expect that it will bottom out this quarter.” Manian also said that expectations on further rate cuts by the RBI were divided, and that any reduction would affect earnings.Operating profit rose 3.7% to Rs 1,556.3 crore from Rs 1,500.9 crore in the same quarter last year, backed by growth in the bank’s lending business. Net interest income increased 2% to Rs 2,336.8 crore, as interest earned grew 5.6% to Rs 6,686.6 crore, while interest expended rose faster at 7.7% to Rs 4,349.8 crore. The squeeze on spreads limited the pace of growth in core interest income.The bank’s loan book expanded steadily, with net advances rising 9.2% year-on-year to Rs 2,41,204.3 crore. Retail loans rose 15.6% to Rs 81,046.5 crore. Deposits grew 8% to Rs 2,87,436.3 crore from Rs 2,66,064.7 crore in the year-ago quarter.Asset quality improved, with the gross NPA ratio falling to 1.91% from 2.11%, and the net NPA ratio declining to 0.48% from 0.60%. The capital adequacy ratio under Basel III rose to 16.03% from 15.57%, supported by growth in internal accruals.According to the bank’s unaudited standalone results, provisioning continued to be the main drag on profitability in the June quarter. However, growth in loans and deposits, coupled with cleaner asset quality, indicated operational strength.

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