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Federal Bank share price gains over 7% post Q1 earnings; Citi gives buy call

Federal Bank stock price gained 7.72% to Rs 53.7 against previous close of Rs 49.85 on BSE. 

twitter-logoBusinessToday.In | July 16, 2020 | Updated 15:55 IST
Federal Bank share price gains over 7% post Q1 earnings; Citi gives buy call
Federal Bank stock opened with a gain of 4.21% at Rs 51.95 today.

Federal Bank shares rose over 7% today after the lender reported a marginal 4.3 per cent rise in its standalone net profit for Q1. The stock price gained 7.72% to Rs 53.7 against previous close of Rs 49.85 on BSE. 

It opened with a gain of 4.21% at Rs 51.95 today. The mid cap stock has gained after 4 days of consecutive fall. The stock trades higher than 50 day moving averages but lower than 5 day, 20 day, 100 day and 200 day moving averages.

The share has lost 51.65% during last one year and fallen 41.06% since the beginning of this year. In a month, the share has gained 11%.

Total 44.26 lakh shares changed hands amounting to turnover of Rs 23.16 crore.

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Market cap of the firm climbed to  Rs 10,372 crore,

Global research firm Citi has given a 'buy' call on the stock with a target of Rs 70 per share.

Brokerage said liability traction remains strong, which should support NIM. Slippage from moratorium is key factor to watch out for. The firm has also raised FY21-22 earnings by 1-2 percent.

Standalone net profit of the bank rose to Rs 400.77 crore for the first quarter ended June against net profit of Rs 384.21 crore during the corresponding quarter of the previous financial year 2019-20. Total income in Q1 increased to Rs 3,932.52 crore compared with Rs 3,620.82 crore in the year-ago period.

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.

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Provisioning for bad loans and contingencies increased to Rs 394.62 crore, from Rs 192.04 crore a year ago.

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