Federal Bank shares gain over 2% after earnings
Federal Bank shares gain over 2% after earnings

Shares of Federal Bank on Monday gained over 2 per cent after the company reported a nearly 59 per cent jump in its standalone net profit for the quarter ended March.

The stock closed the day with a gain of 2.45 per cent at Rs 81.65 on the BSE.

During the day, it jumped 4.70 per cent to Rs 83.45.

On the NSE, it gained 2.32 per cent to close at Rs 81.50.

Private sector lender Federal Bank on Monday reported a nearly 59 per cent jump in its standalone net profit at Rs 478 crore for the quarter ended March.

The bank had posted a net profit of Rs 301 crore in the same quarter of the financial year 2019-20.

The profit was higher sequentially also against Rs 404 crore in December 2020 quarter.

Total income on a standalone basis, however, was down at Rs 3,832 crore in Q4FY21, as against Rs 4,108 crore in the corresponding quarter of FY20, Federal Bank said in a regulatory filing.

On a consolidated basis, the net profit in the reported quarter jumped by 65 per cent to Rs 500 crore. Income, however, fell by 5.4 per cent to Rs 3,996 crore in Q4FY21, from Rs 4,223 crore in the year-ago quarter.

The gross non-performing assets (NPAs) of the lender deteriorated to 3.41 per cent of the gross advances by the end of March 2021, as against 2.84 per cent by the end of the same month a year ago.

In value terms, the gross NPAs or bad loans rose to Rs 4,602 crore, as against Rs 3,531 crore in the year-ago period.

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