The private sector lender on Monday posted an 11 percent increase in net profit to Rs 1,057 crore in the September quarter. The lender had earned a net profit of Rs 954 crore in the year-ago period.
The heathy profit led to sharp uptick in the share price of the bank with the stock opening gap-up with a gain of 4.84 percent in Tuesday's trading session.
Later, the stock rose 7.83 percent to its intraday high of Rs 199.49 per share on the NSE. The stock gained after two days of consecutive fall on the exchanges.
Federal Bank Q2 profit rises 11% to Rs 1,057 crore, asset quality improves
A total of 11.50 lakh shares changed hands today of Federal Bank which is a constituent of BSE 100 index generating a total turnover of Rs 22.63 crore. The large cap company has a market cap of Rs 48,100.81 crore, as per BSE website. The shares of the company have a PE of 11.38x.
In volume terms, nearly 3 crore shares of the company were traded on the NSE till 10.30 am.
Federal Bank reported a rise in total income to Rs 7,541 crore for the quarter under review, compared to Rs 6,186 crore in the same quarter last year, as per its regulatory filing. Net interest income (NII) saw a 15 percent increase, reaching Rs 2,367 crore, up from Rs 2,056 crore in the corresponding quarter of the previous year.
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