Federal Bank shares extend rally, gain nearly 5%

PTI Feeds
Federal Bank shares extend rally, gain nearly 5%

New Delhi, May 2 (PTI) Shares of Federal Bank rose by

nearly 5 per cent today after its net profit jumped manifold

to Rs 256.59 crore for the quarter to March.

The stock extended its rally and gained 4.75 per cent to

close at Rs 112.55 on BSE. During the day, it soared 7.3 per

cent to Rs 115.30 — its 52-week high level.

At NSE, shares of the company surged by 4.55 per cent to

close at Rs 112.50.

In terms of volume, 50.36 lakh shares of the company were

traded on BSE and over 5 crore shares changed hands at NSE

during the day.

The stock had gained 14 per cent on Friday also, adding

Rs 3,083.6 crore to its market valuation in two days.

Net profit stood at Rs 10.26 crore in the January-March

quarter of 2015-16.

Its board also approved capital-raising plan of Rs 2,500

crore through various means, including qualified institutional

placement (QIP), rights issue, preferential issue or follow-on

public offer.

Total income during the period rose to Rs 2,598.06 crore,

from Rs 2,262.94 crore a year ago, Federal Bank said in a

regulatory filing last week.

The bank improved its asset quality, with net non-

performing assets (NPAs) or bad loans easing to 1.28 per cent

of net loans as on March 31, 2017, from 1.64 per cent at

the end of March 2016.

Gross NPAs stood at 2.33 per cent of gross advances by

the end of 2016-17, slightly down from 2.84 per cent a year

ago.

This is published unedited from the PTI feed.