New Delhi: Shares of Federal Bank on Tuesday ended nearly 9 per cent higher after the firm posted an 11 per cent rise in net profit to Rs 1,057 crore in the September quarter.
The stock climbed 8.66 per cent to settle at Rs 200.70 apiece on the BSE. During the day, it surged 8.98 per cent to Rs 201.30.
On the NSE, it soared 8.54 per cent to Rs 200.80.
In terms of volume, 27.50 lakh shares of the firm were traded on the BSE and 679.24 lakh shares on the NSE during the day.
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 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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