Private sector lender Federal Bank has announced a 10.85% growth in its net profits for the first quarter of this fiscal. The net profit of the bank stood at Rs 146.16 crore for Q1.

Operating profit saw a 5.58% growth to Rs 354.05 crore.

Despite increase in cost of deposits by as much as 120 bps, the bank managed to keep its net interest margin constant.

In this quarterm the bank clocked a net interest margin of 3.87%.

NPAs stood at 0.74%. The bank booked total business of 20.57% to Rs 74, 907 crore.