Federal Bank on Friday declared a surge of 67% year-on-year (YoY) in its net profit to Rs 903 crore for the quarter ended March 31, 2023. The private sector bank announced its highest-ever operating profit at Rs 1,335 crore, up 67% YoY. Board of directors recommended Re 1.00 per equity share final dividend. Meanwhile, shares of the bank tanked 8% in trade on May 5.

Federal Bank's Managing Director & Chief Executive Officer Shyam Srinivasan stated, "The consistent performance exhibited throughout the year has yielded in net annual profits of Rs 3010.59 crore, while maintaining benign asset quality across the segments. This very strong performance is a testimony to the dedicated efforts of the team and the trust of our customers. It's noteworthy that our market share gains across product categories is gathering momentum."
During the quarter, the lender declared higher provisions and contingencies at Rs 116.66 crore as against Rs 75.24 crore in the corresponding quarter in the year-ago period.
Dividend: According to the BSE filing of the company, "The Board of the Bank has also recommended the payment of final Dividend @ Rs 1.00 per equity share of the face value Rs. 2 each (50%) for the financial year 2022-23 subject to the approval of the Shareholders at the ensuing Annual General Meeting of the Bank."
Stock Performance & Return: The last trading price of Federal Bank is Rs 127.80 per share with intraday fall of 8.32%. The bank stock's 52-week high price is Rs 143.35 per share and 52-week low price is Rs 82.50 per share, respectively. The stock witnessed a rally of 35% in last 1-year, 59% rally in last 2-years, and 197 surge in last 3-years.
More From GoodReturns

Dividend Delight: THIS Auto Ancillary Stock Up 30% In One Year! 35% Dividend Approved: How To Get Eligible?

3:1 Bonus, 1:1 Rights Issue, Rs. 28.43 Dividend Stocks in Focus: Key Counters to Watch on March 20

Dividend Paying Miniratna PSU Stock: Record Date Just 1 Day Away For Rs 2.03; Buy Balmer Lawrie Investments?

Gas Cylinder Booking Rules Of 45 Days & 25 Days; How To Book Indane, Bharat Gas, HP Gas Via WhatsApp, SMS?

New LPG Aadhaar e-KYC Rule: Govt Makes Biometric Authentication Mandatory for Domestic Consumers

Gold Price In India Rebounds After Rs 78,000/100 Gm Crash In 2 Days, Silver Rate Today Stable | March 20

Indane, HP & Bharat Gas Cylinder Booking Rules: OTP Mandatory After LPG Refilling Gap Increased to 25-45 Days

Crash in Gold Rate in India by Rs 71,400 in Single Day; Will Gold Price Today Fall Below Rs 1.50 Lakh? Outlook

Gold & Silver Rates Today Live: MCX Gold Crashes By Rs 5,645, Silver Falls By Rs 16,540; 24K, 22K, 18K Gold

1:1 Bonus, 1:5 Split, 39 Dividends: Hindustan Zinc Share Rally 3% As Silver Rates Jump: Buy This Vedanta Stock

1:5 Split Soon? Vedanta Ltd To Consider 3rd Interim Dividend On March 23, Share Jumps; Record Date & Buy Call



Click it and Unblock the Notifications