Today, on 25th October 2016, Federal Bank posted the Q2 result and reported 24.78% boost in its net profit for the September quarter on higher net interest income and other income. Net profit for the quarter stood at Rs.201.24 crore as against Rs.161.28 crore a year ago. According to estimates of analysts, the bank was expected to post a net profit of Rs.183.20 crore.
On the back of robust Q2 numbers, Federal Bank share price traded at the new lifetime high of Rs. 81.50. The core income a bank earns by giving loans i.e. Net interest income (NII) rose 19% to Rs.726.19 crore in the September quarter from Rs.610.68 crore last financial year. Other income hiked 45.41% to Rs.261.64 crore from Rs.179.93 crore in the equivalent period last year.
Gross non-performing assets (NPAs) at Federal Bank increased 4.14% to Rs. 1,819.72 crore at the end of the September quarter from Rs.1,747.31 crore in the June quarter. On the yearly basis, gross NPAs took the leap of 21.42% from Rs. 1,498.73 crore. As a percentage of total loans, gross NPAs stood at 2.78% at the end of the September quarter as compared to 2.92% in the previous quarter and 2.9% in the year-ago quarter.
At 2:56 PM, Federal Bank was trading at Rs.81.15 on the NSE, up 8.2% from its previous close, while India's benchmark Nifty Index fell 0.22% to 8,689.50 points.
Provisions and contingencies declined 0.05% to Rs.168.40 crore in the quarter from Rs.168.48 crore a quarter ago. On a year-on-year basis, provisions increased 93% from Rs.87.28 crore. Net NPAs stood at 1.61% in the September quarter as compared to 1.68% in the previous quarter and 1.33% in the same quarter last year.
Total deposits increased 17% from a year earlier to Rs. 8,630 crore, while total advances rose 27.17% to Rs.5,087 crore. Federal Bank is the top 500 pick for the quarter by Dynamic Levels. For the details on the stock, visit Federal Bank share price historypage of the Dynamic Levels website.
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