Federal Bank has posted a net profit of Rs 203.89 crore for the third quarter (Q3) ending December 31, 2009, as against Rs 102.92 crore during the corresponding period of the last year (December 2007).

The Kerala-based bank said that a sharp increase in other income and lower interest income helped it to post nearly two-fold increase in its net profit.

The bank said, “The figures for the corresponding previous periods are not reclassified and therefore not comparable.”

The total income of the bank stood at Rs 1,041.23 crore during the third quarter as against Rs 733.61 crore for the same period a year ago.

The bank’s other income for the quarter under review zoomed 94% to Rs 164.81 cr from Rs 84.95 cr the previous year while interest income zoomed 35.11% to Rs 876.42.

The bank has also witnessed a growth in its gross and net non performing assets. Gross NPAs rose to 2.83% from 2.76%, whereas net NPAs rose to 0.33% from 0.29%.

For the nine month ended December 31, the net profit of the bank rose by 45.67% to Rs 386.32 cr.