Federal Bank Shares Surge Over 17% On Positive Q1 Results

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    Federal Bank Ltd reported a 25 percent increase in net profit for the first quarter (Q1) of 2018-19, as per an exchange filing. The positive growth was a result of lower provisioning and an increase in net interest income.

    Federal Bank Shares Surge Over 17% On Positive Q1 Results

    Following the news, the share price of Federal Bank surged over 17 percent from the previous close. In yesterday's trade, its share prices hit a 52-week low.

    For the April-June quarter, net profit of the Kochi-based private bank stood at Rs 262.71 crore from Rs 210.15 crore in the same period a year ago. Its net interest income (NII), a primary income source for banks, was up by 22.4 percent to Rs 980.06 crore from Rs 800.67 in the previous year. Other income dropped by 17.7 percent to Rs 270.86 crore in the quarter ended June 2018 from Rs 329.10 crore last year.

    Its provisions and contingencies were reported lower by 15.77 percent to Rs 199.15 crore from Rs 236.44 crore in the year-ago period. Federal Bank's gross non-performing assets rose by 55.58 percent to Rs 2,868.82 crore in April-June 2018 from Rs 1,867.94 crore last year.

    Its gross NPAs as a percentage of total loans stood at 3 percent in the June-ended quarter in comparison to 3 percent in the March-ended quarter and 2.42 percent in the year-ago quarter. The Net NPA made up for 1.72 percent in the quarter in question from 1.69 percent in March quarter and 1.39 percent in the year-ago period.

    Read more about: federal bank
    Story first published: Tuesday, July 17, 2018, 14:42 [IST]
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