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Federal Bank share rises over 3% post Q2 earnings

BusinessToday.In     October 16, 2020

Federal Bank share rose over 3% intra day even as the private sector lender reported a 26 percent fall in its net profit for the quarter ended September 2020  due to higher provisions.  Share price of Federal Bank gained 3.28% to Rs 53.45 against previous close of Rs 51.75 on BSE.

The share trades higher than 20 day and 100 day moving averages but lower than 5 day, 50 day and 200 day moving averages. Later, the share erased most gains and closed 0.97% higher at Rs 52.25 on BSE.

Federal Bank share has lost 36.4% in one year and fallen 40.66% since the beginning of this year.

Total 39.88 lakh shares changed hands amounting to turnover of Rs 20.97 crore. Market cap of the lender rose to 10,416 crore.

Net profit in Q2 came at Rs 308 crore against net profit of Rs 417 crore during the July-September quarter a year ago.

Total income rose by 9 percent to Rs 3,997 crore in Q2 against Rs 3,675 crore in the same quarter of 2019-20. Interest income rose 7 percent to Rs 3,488 crore from Rs 3,254 crore.

The lender's gross non-performing assets (NPAs) fell to 2.84 percent of the gross advances by end of September quarter against 3.07 percent a year ago. In value terms, gross advances stood at Rs 3,552.19 crore against Rs 3,612.11 crore.

Net NPAs fell to 0.99 per cent (Rs 1,218.14 crore) against 1.59 percent (Rs 1,843.64 crore).

Bank's provisions for bad loans and contingencies were raised to Rs 592.06 crore for the quarter ended September against Rs 251.77 crore parked aside for the corresponding period a year ago.

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