Net Profit is another widely used name for Net Income, the amount of profit remaining after every expense, including cost of goods sold, operating expenses, interest and tax, has been deducted from revenue. It sits at the very bottom of the income statement, which is why it is universally called the bottom line, in contrast to revenue at the top.
Why two names exist
Net Income is the term most commonly used in formal financial statements and regulatory filings, while Net Profit is the equally common everyday term used in business conversation, management reporting and smaller-business accounting. Both describe exactly the same figure, calculated the same way, and both are distinct from gross profit and operating income, which are earlier, partial profitability measures further up the income statement.
Where to go for the full explanation
See Net Income for a complete explanation of how the figure is calculated, how it feeds into measures like Earnings Per Share (EPS), and why it can diverge from a company's actual cash flow in any given period.