Federal Bank share price jump 4% after June quarter results

Federal Bank share price jump 4% after June quarter results

At 9:17, The stock, which has gained over a percent in the last three months, was trading at Rs 52.10, up Rs 2.25, or 4.51 percent.

Federal Bank share price jumped 4 percent in the morning trade on July 16 after the lender reported its June quarter numbers.

Federal Bank reported a marginal 4.3 percent rise in its standalone net profit to Rs 400.77 crore for the first quarter ended June. The bank had posted a net profit of Rs 384.21 crore during the corresponding quarter of 2019-20.

The stock, which has gained over a percent in the last three months, was trading at Rs 52.10, up Rs 2.25, or 4.51 percent at 09:17 a.m. It has touched an intraday high of Rs 52.10 and an intraday low of Rs 51.50.

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The bank’s total income during April-June 2020 increased to Rs 3,932.52 crore as compared with Rs 3,620.82 crore in the year-ago period, Federal Bank said in a regulatory filing.

The lender’s interest income rose to Rs 3,444.15 crore, compared with Rs 3,229.30 crore a year ago. However, income from other sources jumped to Rs 488.37 crore in the June 2020 quarter from Rs 391.52 crore.

Gross non-performing assets (NPAs), or bad loans, as proportion to gross advances, fell marginally to 2.96 percent compared with 2.99 percent at the end of June 2019.

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