Federal Bank surged 4.09% to Rs 44.50, extending recent gains on reporting Q4 numbers.
The stock has jumped 19% in four trading sessions from its previous closing low of Rs 37.35 on 22 May 2020.Federal Bank's net profit dropped 21.04% to Rs 301.23 crore on 19.27% increase in total income to Rs 4,107.95 crore in Q4 March 2020 over Q4 March 2019. Profit before tax (PBT) fell 32.09% to Rs 391.82 crore in Q4 March 2020 over Q4 March 2019. Tax expense fell 53.66% to Rs 90.59 crore during the period under review. The result was declared during market hours on 28 May 2020.
On the asset quality front, the bank's gross non-performing assets (NPAs) stood at Rs 3,530.83 crore as on 31 March 2020 as against Rs 3,618.69 crore as on 31 December 2019 and Rs 3,260.68 crore as on 31 March 2019. The ratio of gross NPAs to gross advances stood at 2.84% as on 31 March 2020 as against 2.99% as on 31 December 2019 and 2.92% as on 31 March 2019. The ratio of net NPAs to net advances stood at 1.31% as on 31 March 2020 as against 1.63% as on 31 December 2019 and 1.48% as on 31 March 2019.
Provisions and contingencies surged 219.25% to Rs 567.50 crore in Q4 March 2020 from Rs 177.76 crore in Q4 March 2019. Provision coverage ratio of the bank was at 72.48% as on 31 March 2020.
Net interest income rose 11% year-on-year (YoY) to Rs 1216 crore during the quarter. Net interest margin stood at 3.04% in Q4 March 2020 compared with 3.17% in Q4 March 2019.
Gross advances reached Rs 1,24,153.18 crore as on 31 March 2020 from Rs 1,11,829.27 crore as on 31 March 2019, registering a growth of 11.02%. Deposits grew 12.85% to reach Rs 1,52,290.09 crore as on 31 March 2020 from Rs 1,34,954.34 crore as on 31 March 2019. The Current Account-Savings Account (CASA) deposits reached Rs 45,450.24 crore as on 31 March 2020.
Federal Bank operates through four segments: treasury, corporate or wholesale banking, retail banking and other banking operations. The bank has 1263 branches, 1937 ATMs/Recyclers as on 31 March 2020.
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