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HomeNewsFederal Bank zooms 6%; hits new peak on highest ever quarterly profit...

Federal Bank zooms 6%; hits new peak on highest ever quarterly profit in Q2


Shares of surged 6 per cent to hit an all-time high of Rs 132.10 on the BSE in Friday’s intra-day trade on heavy volumes after the bank delivered its highest ever quarterly net profit at Rs 704 crore (up 53 per cent year-on-year) in the September quarter (Q2FY23).

The stock of the private sector lender surpassed its previous high of Rs 129.70 touched on September 5, 2022. At 02:06 pm; it was quoting 5 per cent higher at Rs 131.10, as compared to a 1.6 per cent rise in the S&P BSE Sensex. The average trading volumes on the counter almost doubled, with a combined 49.7 million shares having changed hands on the NSE and BSE.

In Q2FY23, also recorded its highest ever net interest income of Rs 1,762 crore, which was up 19 per cent YoY. Net interest margin improved 10 bps YoY to 3.3 per cent during the quarter.

Asset quality of the bank improved as gross non-performing assets (NPA) came at 2.46 percent as compared to 2.69 percent in the preceding quarter. The bank’s net NPA stood at 0.78 per cent as against 1.12 per cent in Q2FY22. The bank said that its gross NPA and the net NPA was the lowest in 24 quarters and 34 quarters, respectively.

The management said strong business momentum has aided meaningful gains in market share. The bank has delivered the highest ever net profit, ROA and ROE are in the right trajectory and the asset quality of the bank continues to be strong at 2.46 per cent and 0.78 per cent. Credit costs are well controlled at 53 bps, the management said.


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