(Reuters) - India’s Federal Bank Ltd reported on Wednesday a 43 percent drop in fourth-quarter profit, hurt by higher provisions for bad loans.
Net profit was 1.45 billion rupees ($21.55 million) for the three months ended March 31, compared with 2.57 billion rupees a year ago, the mid-sized private-sector lender said in a statement here.
Analysts had on average expected the lender to post a net profit of 2.87 billion rupees, according to Thomson Reuters data.
Gross bad loans as a percentage of total loans rose to 3 percent at end-March, compared with 2.52 percent in the preceding quarter and 2.33 percent a year ago.
($1 = 67.2725 Indian rupees)
Reporting by Vishal Sridhar in Bengaluru; Editing by Sunil Nair