Federal Bank hits record high on strong Q4 results

At 11:17 am; the stock was up 5% at Rs 113 on BSE against 0.30% decline in the S&P BSE Sensex.

Federal Bank  rallied 7% to Rs 115; also its record high on BSE in intra-day trade, after the bank reported a strong 2400% year on year (YoY) growth in net profit at Rs 257 crore for the quarter ended March 2017 (Q4FY17).  The bank had posted profit of Rs 10 crore in the year ago quarter.

Analysts on an average had expected profit of Rs 225 crore for the quarter from the private sector lender.

Net interest income (interest earned minus interest expended) grew 23% at Rs 842 crore during the quarter under review, against Rs 791 crore