 "Federal Bank hits 52-week low on weak Q2 results")
Federal Bank had plunged 13% to Rs 57.05, also its 52-week low on the National Stock Exchange (NSE) in early morning trade after reported 33% year on year decline in net profit to Rs 161 crore for the quarter ended September 30, 2015 (Q2), due to higher provisioning as a spike in bad loans. The private sector lender had profit of Rs 240 crore in the corresponding quarter of previous year.
Net interest income, the difference between interest income and interest expenditure, remained flat and stood at Rs 608 crore, compared with Rs 606 crore in a year ago quarter.
The asset quality was also under pressure with gross non-performing assets (NPAs), as percentage of total advances, increasing to at 2.90%, compared with 2.10% in the corresponding period a year ago and 2.59% in June 2015 quarter. The net NPA ratio also rose to 1.33% from 0.66% in the September quarter last year. It was 0.98% in previous quarter.
At 09:21 am, the stock was down 12.6% at Rs 57.15 on the NSE. A combined 5.34 million shares changed hands on the counter on the NSE and BSE.
Net interest income, the difference between interest income and interest expenditure, remained flat and stood at Rs 608 crore, compared with Rs 606 crore in a year ago quarter.
The asset quality was also under pressure with gross non-performing assets (NPAs), as percentage of total advances, increasing to at 2.90%, compared with 2.10% in the corresponding period a year ago and 2.59% in June 2015 quarter. The net NPA ratio also rose to 1.33% from 0.66% in the September quarter last year. It was 0.98% in previous quarter.
At 09:21 am, the stock was down 12.6% at Rs 57.15 on the NSE. A combined 5.34 million shares changed hands on the counter on the NSE and BSE.