Federal Bank's Q2 net profit rises 0.9% on higher interest income

India's Federal Bank Ltd posted a 0.9 per cent rise in second-quarter net profit on Tuesday, helped by higher interest income.

Net profit was Rs 2.66 billion ($36.08 million) in the quarter ended September 30, compared with Rs 2.64 billion a year earlier, the mid-sized private-sector lender said.

Eleven analysts, on average, had expected a net profit of Rs 2.14 billion, according to I/B/E/S data from Refinitiv.

Gross bad loans as a percentage of total loans stood at 3.11 per cent at September-end, compared with 3 per cent in the previous quarter and 2.39 per cent a year earlier.

Interest earned rose 16.2 per cent to Rs 27.65 billion.

 

The bank's shares rose as much as 7.5 per cent after the results.