 "Federal Bank hits lifetime high post Q2 results")
Federal Bank has moved higher to its lifetime high of Rs 81.20, up 8% on BSE after the bank reported 25% year on year (YoY) growth in net profit at Rs 201 crore for the quarter ended September 30, 2016 (Q2FY17).
Analysts on an average expected a profit of Rs 193 crore. The private sector lender had profit of Rs 161 crore in year ago quarter.
Net interest income (interest earned minus interest expended) rose 18.8% to Rs 726 crore from Rs 611 crore in the corresponding quarter of previous fiscal.
Analysts on an average expected a profit of Rs 193 crore. The private sector lender had profit of Rs 161 crore in year ago quarter.
Net interest income (interest earned minus interest expended) rose 18.8% to Rs 726 crore from Rs 611 crore in the corresponding quarter of previous fiscal.
Assets quality of the bank improved sequentially. Gross non-performing assets (NPAs) as a percentage of total loans declined to 2.78% in Q2FY17 from 2.92% in Q1FY17. Net NPA stood at 1.61% against 1.68% in previous quarter. At Q2FY16, gross NPA and Net NPA stood at 2.90% and 1.33%, respectively.
The trading volumes on the counter jumped more than three-fold with a combined 26.2 million shares changed hands on BSE and NSE till 02:38 pm.