Federal Bank reports Rs 266 cr net profit in Q2

Federal Bank Tuesday posted a marginal increase in net profit at Rs 266.04 crore for the quarter ending September on annual basis.

The bank had posted a net profit of Rs 263.7 crore during the July-September quarter of 2017-18, according to a regulatory filing by the company.

The bank's total income stood at Rs 3,087.81 crore during the second quarter of the current fiscal as against Rs 2,666.82 crore in the year ago period.

Federal Bank's gross non-performing assets (NPA) widened to 3.11 per cent of its assets as against 2.39 per cent in the second quarter of the last fiscal.

Net NPA too rose to 1.78 per cent of its assets during September 2018 quarter. This compares with 1.32 per cent in the year ago quarter.

For the first half of the current fiscal, bank's net profit stood at Rs 528.75 crore, up from Rs 473.85 crore in the comparable period of 2017-18.

Federal Bank shares closed up by 7.86 per cent at Rs 81.65 on BSE after touching a high of Rs 82.80. The scrip witnessed a hectic activity in day trade as trading volume jumped 8.69 times to 56.25 lakh against its two-week average of 6.47 lakh.