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 net profit up 18%")
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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 net NPA stood at 2.42% and 1.39%, respectively.
Federal Bank reported a 25% year on year growth in net profit at Rs 2.63 billion on a healthy rise in core income and a lower provision for bad assets. It had profit of Rs 2.1 billion in year ago quarter.
The Kochi-headquartered bank saw its net interest income (NII) rising 22% to Rs 9.8 billion in the reporting quarter, while provisions other than tax 15.8% at Rs 1.99 billion.
The brokerage firm ICICI Securities expected Federal Bank to report 15.7% YoY growth in NII at Rs 9.26 billion and net profit of Rs 2.02 billion for the quarter.
At 12:59 pm; Federal Bank was trading 12.6% higher at Rs 83.45 on the BSE, as compared to 0.12% rise in the S&P BSE Sensex. The trading volumes on the counter jumped four-fold with a combined 31.35 million shares changed hands on the BSE and NSE so far.
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 net NPA stood at 2.42% and 1.39%, respectively.
Federal Bank reported a 25% year on year growth in net profit at Rs 2.63 billion on a healthy rise in core income and a lower provision for bad assets. It had profit of Rs 2.1 billion in year ago quarter.
The Kochi-headquartered bank saw its net interest income (NII) rising 22% to Rs 9.8 billion in the reporting quarter, while provisions other than tax 15.8% at Rs 1.99 billion.
The brokerage firm ICICI Securities expected Federal Bank to report 15.7% YoY growth in NII at Rs 9.26 billion and net profit of Rs 2.02 billion for the quarter.
At 12:59 pm; Federal Bank was trading 12.6% higher at Rs 83.45 on the BSE, as compared to 0.12% rise in the S&P BSE Sensex. The trading volumes on the counter jumped four-fold with a combined 31.35 million shares changed hands on the BSE and NSE so far.