Federal Bank shares soar 6.5% after Q2 results

Shares of Federal Bank today surged 6.5 per cent after the company reported a jump of over 31 per cent in net profit for the September quarter of the current fiscal.
The stock soared 6.48 per cent to settle at Rs 124.80 on BSE. During the day, it jumped 6.91 per cent to Rs 125.30 -- its 52-week high.
At NSE, shares of the company climbed 6.48 per cent to close at Rs 124.80.
The company's market valuation went up by Rs 1,515.64 crore to Rs 24,422.64 crore.
On the equity volume front, 31.39 lakh shares of the company were traded on BSE and over 5 crore shares changed hands at NSE during the day.

Private sector Federal Bank today reported a jump of over 31 per cent in net profit to Rs 263.70 crore for the September quarter of the current fiscal as it trimmed bad loans.

The bank's net profit in the corresponding July-September period of 2016-17 was Rs 201.24 crore.
Its total income increased 14.1 per cent to Rs 2,666.82 crore during the quarter, from Rs 2,338.32 crore a year ago, as per the bank's regulatory filing.
Bad loans or non-performing assets (NPAs) of the bank came down during the quarter under review. Its gross NPAs as a percentage of gross advances at September-end stood at 2.39 per cent, as against 2.78 per cent a year ago.

Net NPAs were trimmed to 1.32 per cent of the net advances disbursed by the bank by the end of second quarter of 2017-18, down from 1.61 per cent over the same period of the previous fiscal.