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Federal Bank reported a net profit of Rs 521.7 crore for the December quarter, up 29.1 percent on a year-on-year basis as compared to Rs 404 crore in the same quarter last year.

Shares of Federal Bank were trading over 2 percent higher at Rs 93 on the BSE in afternoon deals on Tuesday.

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The Bank’s net interest income (NII) increased 7.1 percent on year to Rs 1,539 crore. Analysts in a CNBC-TV18 poll had predicted the lender to report a net profit of Rs 497 crore and NII of Rs 1,553.4 crore.

Federal Bank's asset quality improved as gross NPA for the third quarter stood at 3.06 percent from 3.24 percent quarter-on-quarter (QoQ). Its net NPA was at 1.05 percent versus 1.12 percent in the previous quarter.

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