Federal Bank hits record high on healthy Q2 results

The stock hit a new high of Rs 124, up 6% on the BSE after the bank reported 31% yoy growth in net profit at Rs 264 crore in Q2FY18.

Federal Bank hit a new high of Rs 124, up 6% on the BSE after the bank reported 31% year on year (yoy) growth in net profit at Rs 264 crore in September quarter (Q2FY18), on back of higher interest income. It had posted a net profit of Rs 201 crore in the same quarter last fiscal.

The bank’s net interest income (interest earned minus interest expended) rose by 24% to Rs 899 crore in Q2FY18 from Rs 726 crore in the same quarter a year ago.

The brokerage firm ICICI Securities expected NII of Rs 853 crore