Federal Bank at 52-week high after robust Q2FY18 results
Rohan Takalkar / 16 Oct 2017
Federal Bank posted robust numbers in Q2FY18 as the banks NII surged 12.3 per cent on a quarterly basis to Rs. 899 crore vs Rs. 801 crore in the previous quarter. Also, Net profit saw 12 per cent quarter-on-quarter increase in the quarter ended September 2017.
Federal Bank posted robust numbers in Q2FY18 as the banks NII surged 12.3 per cent on a quarterly basis to Rs. 899 crore vs Rs. 801 crore in the previous quarter. Also, Net profit saw 12 per cent quarter-on-quarter increase in the quarter ended September 2017.
Total interest income of the bank rose marginally by 2.5 per cent on a quarterly basis to Rs. 2,379 crore vs Rs. 2,324 crore in the previous quarter. While interest expended declined by 2.8 per cent to Rs. 1,480 crore in Q2FY18. This led to 12 per cent rise in NII to Rs. 899 crore.
Asset quality of the bank saw improvement as GNPA’s as percentage to total advances declined by 3 bps to 2.39 per cent vs 2.42 per cent in previous quarter. While NNPA’s for the quarter also declined by 7 bps quarter-on-quarter to 1.32 per cent vs 1.39 per cent in Q1FY17.
Bottom-line of the bank saw 12.6 per cent rise quarter-on-quarter to Rs. 236 crore. This was largely led by a substantial decline in provisions by 25.2 per cent quarter-on-quarter to Rs. 176 crore vs Rs. 236 crore in Q1FY17.
Lastly, Advances and Deposits for the quarter improved by 25 per cent and 13 per cent , respectively for the quarter.
Federal Bank stock touched 52-week high mark at Rs. 124.15 as the stock gained 5.7 per cent after the results were declared. It is currently trading at Rs. 124 at 14:30 IST on Monday.
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