Federal Bank sinks 3 per cent post Q3 results

The Federal Bank reported its Q3FY19 results soon after which the share price tumbled and closed down by 3 per cent on Thursday.

 The lender’s net profit for Q3 was at Rs. 333.63 crore, reflecting a 28 per cent expansion from Rs. 260.01 crore accrued in the corresponding period of the previous fiscal. The net interest income has gone up by 13 per cent YoY to Rs. 1,077.29 crore as against Rs. 950 crore in Q3FY18. However, the gross NPA ratio rose marginally to around 3.14 per cent versus previous quarter’s ratio of 3.11 per cent. The gross NPAs stood at Rs. 3,361 crore in the latest quarter of FY19 versus Rs. 3,185 posted during the last quarter.

On Thursday, the stock of Federal Bank opened at Rs. 91.95 per share. The stock closed at Rs 88.65 per share, down 3.01 per cent. Meanwhile, BSE Sensex closed at 36,374.08 level, up by 0.15 per cent.