Federal Bank Ltd. reported an 18.3 percent increase in June quarter net profit, beating analyst estimates.
Net profit stood at Rs 167.3 crore, compared to Rs 154.4 crore average of analysts tracked by Bloomberg. Net interest income, or the core income a bank earns by giving loans, increased 5.2 percent to Rs 2,014 crore.
Earnings Highlights
- Gross non-performing assets rose to 2.92 percent, compared to 2.84 percent in the quarter-ended March 2016.
- Net NPAs reached 1.68 percent compared to 1.64 percent in the previous quarter, and 0.98 percent in the same period last year.
Following the announcement, shares of Federal Bank gained as much as 3.9 percent to Rs 63.35 a piece.
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