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Federal Bank Share Slide12%; Steepest Fall in 2 Years
Federal Bank share price falls as much as 12.26% (at 1:05 pm) to Rs 88.85 from its previous close of Rs 101.15.
Federal Bank share price fell as much as 12.26% (at 1:05 pm) to Rs 88.85 from its previous close of Rs 101.15. The fall resulted from the Kerala-based lender's weak fourth-quarter results announced on Wednesday. The percentage fall in its otherwise stable share price was the highest in over 2 years. Check the latest share price here.
In its fourth-quarter results, the bank reported a 44 percent drop in YoY (year-on-year) net profit to Rs 145 crore. In March 2017, its net profit was up almost 2,400 percent to Rs 256.6 crore from lower provisions and NPAs.
Slippages for the fourth quarter rose to Rs 870 crore from Rs 411 crore in the same period of the previous year.
Gross non-performing assets (NPA) ratio was up from 2.5 percent in the third quarter ended December to 3.0 percent, making it the highest in the last eight quarters. In March 2017, it was at 2.33 percent. Read: Federal Bank Q4 FY18 Profit Declines 44% YoY To Rs. 145 Crore
Banking stocks have been weak in the last few trading sessions, as markets expect gross non-performing assets to remain elevated.
The private sector's largest lender, ICICI Bank also reported net profits that halved. Worries over interest rates rising have left analysts worried. The RBI is slated to declare its monetary policy early next month.
There are worries that the country's central bank may hike interest rates, which is not good news for the banking sector. Across the globe, we have seen interest rates rise, including that in the US.
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