Federal Bank rebounds from 52-week low post Q1 results; stock up 13%

The stock moved higher by 13% to Rs 83.90 on the BSE in noon deal after the private sector lender said gross NPA in June quarter remain stable at 3% as compared to March quarter.

Federal Bank has moved higher by 13% to Rs 83.90 on the BSE in noon deal after the private sector lender said its assets quality in June quarter (Q1FY19) remain stable as compared to March quarter.

The stock rebounds 14% from its 52-week low of Rs 73.60, touched on the BSE in early morning trade, before the announcement of Q1 results.

Gross non-performing assets (NPA) ratio in Q1FY19 quarter remained unchanged at 3% over the previous quarter. Net NPA ratio increased 3 bps at 1.72% from 1.69% in March quarter. As on June 2018 quarter, gross NPA and