Federal Bank shares gain nearly 5 pc as Q1 net grows

Shares of Federal Bank today rose by nearly 5 per cent after the company reported an over 18 per cent increase in net profit during the June quarter of the current fiscal.
The scrip ended 4.67 per cent higher at Rs 63.85 on BSE. During the day, it jumped 5.24 per cent to Rs 64.20.
On NSE, it went up by 4.75 per cent to close at Rs 63.85.
In terms of volume, 21.56 lakh shares of the company were traded on BSE and over two crore shares changed hands at NSE during the day.
Federal Bank today reported a rise of 18.3 per cent in net profit at Rs 167.3 crore during the June quarter of the current fiscal.

The bank had reported a net profit of Rs 141.4 crore in April-June quarter of 2015-16.
The total earnings of the bank increased to Rs 2,250.8 crore for the quarter under review, as against Rs 2,107.09 crore a year ago, the bank said in a BSE filing.
The bank kept its grip on asset quality as it saw only a marginal uptick in its bad loan profile, with gross non-performing assets (NPAs) rising to 2.92 per cent of gross advances as of June 2016 against 2.59 per cent a year ago.