Federal Bank net profits drop sharply for Q1 2014

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Federal Bank net profits drop sharply for Q1 2014
Federal Bank: Quotes, News
BSE 71.10BSE Quote0.8 (1.13%)
NSE 71.20NSE Quote0.9 (1.26%)
Federal Bank has reported a a sharp drop in net profits to Rs 105.66 crores for the quarter ended June 30, 2013 as compared to Rs 190.35 crores for the quarter ended June 30, 2012.

This is way below street estimations and the stock should react negatively when markets open on Monday.

Total Income has increased from Rs 1661.04 crores for the quarter ended June 30, 2012 to Rs. 1869.05 crores for the quarter ended June 30, 2013.

The Gross NPAs for the bank have fallen to 3.51 per cent as at June 20, 2013, as compared to 3.60 in the corresponding period of last year.

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Read more about: federal bank, q12014
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