Federal Bank shares surge 8% after September quarter earnings announcement
The total income increased to Rs 7,541 crore during the quarter under review against Rs 6,186 crore in the same quarter last year, Federal Bank said in a regulatory filing on Monday.
Shares of Federal Bank on Tuesday jumped 8 per cent after the firm posted an 11 per cent increase in net profit to Rs 1,057 crore in the September quarter.
The stock climbed 8 per cent to Rs 199.55 on the BSE.
At the NSE, it soared 7.83 per cent to Rs 199.49.
The lender had earned a net profit of Rs 954 crore in the year-ago period.
The total income increased to Rs 7,541 crore during the quarter under review against Rs 6,186 crore in the same quarter last year, Federal Bank said in a regulatory filing on Monday.
The bank reported an interest income of Rs 6,577 crore during the quarter, higher than Rs 5,455 crore in the same period a year earlier.
Net interest income (NII) grew 15 per cent to Rs 2,367 crore, as compared to Rs 2,056 crore in the same quarter a year ago.
As regards asset quality, the bank witnessed an improvement with gross non-performing assets (NPAs) declining to 2.09 per cent of the gross loans by the end of September 2024, from 2.26 per cent a year ago.
Similarly, net NPAs, or bad loans, moderated to 0.57 per cent from 0.64 per cent at the end of the second quarter of the previous fiscal year.
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