Federal Bank Q2 profit rises, beats estimates
Reuters|
Updated: Oct 16, 2017, 01.30 PM IST
India's Federal Bank Ltd posted a 31 per cent rise in second-quarter net profit, helped by lower provisions for bad loans.
Net profit rose to 2.64 billion rupees ($40.8 million) in the quarter ended Sept. 30, the mid-sized private-sector lender said on Monday.
Analysts on average had expected a net profit of 2.54 billion rupees, according to Thomson Reuters data.
Gross bad loans as a per centage of total loans stood at 2.39 per cent in the September quarter, compared with 2.42 per cent in the June quarter and 2.78 per cent a year earlier.
Shares of the bank jumped as much as 4 per cent after the results in midday trade on the National Stock Exchange.
Net profit rose to 2.64 billion rupees ($40.8 million) in the quarter ended Sept. 30, the mid-sized private-sector lender said on Monday.
Analysts on average had expected a net profit of 2.54 billion rupees, according to Thomson Reuters data.
Gross bad loans as a per centage of total loans stood at 2.39 per cent in the September quarter, compared with 2.42 per cent in the June quarter and 2.78 per cent a year earlier.
Shares of the bank jumped as much as 4 per cent after the results in midday trade on the National Stock Exchange.
