Federal Bank Surges on Profit Boost

Federal Bank's shares jumped 8% following an impressive 11% rise in net profit, reaching Rs 1,057 crore for the September quarter. The total income increased significantly, alongside a 15% growth in net interest income. The bank also reported improved asset quality with declining NPAs.

Shares of Federal Bank surged by 8% on Tuesday after the bank posted an impressive 11% increase in net profit, reaching Rs 1,057 crore for the September quarter.

The stock rose to Rs 199.55 on the BSE and climbed 7.83% to Rs 199.49 on the NSE. Last year, Federal Bank had recorded a net profit of Rs 954 crore in the same quarter.

The bank's total income also showed a remarkable increase, rising to Rs 7,541 crore from Rs 6,186 crore in the previous year, according to a regulatory filing. The bank's interest income reached Rs 6,577 crore, an increase from Rs 5,455 crore. Additionally, net interest income grew by 15% to Rs 2,367 crore. Federal Bank's asset quality improved with gross non-performing assets declining to 2.09%, down from 2.26% a year earlier, while net NPAs moderated from 0.64% to 0.57%.

(With inputs from agencies.)