The stock surged 9.50 per cent to settle at Rs 270.35 on the BSE. During the day, it zoomed 10.57 per cent to hit the 52-week high of Rs 273.
At the NSE, the firm’s shares jumped 9.47 per cent to Rs 270.25. In intraday trade it touched a 52-week high of Rs 278.40 apiece.
Federal Bank on Friday reported a 9 per cent jump in net profit in the December quarter to Rs 1,041 crore, helped by a growth in non-interest income.
The Kerala-headquartered bank had earned a net profit of Rs 955 crore in the same quarter a year ago.
Its core net interest income rose 9 per cent to Rs 2,653 crore, an all-time high, on the back of a 9 per cent loan growth and a 0.07 per cent expansion in the net interest margin to 3.18 per cent.
Non-interest income grew 20 per cent to Rs 1,100 crore during the reporting quarter, a major factor for the rise in profits.
On the asset quality front, the bank’s gross non-performing assets ratio improved to 1.72 per cent, as against 1.95 per cent a year ago. The fresh slippages reduced to Rs 435 crore from Rs 579 crore. PTI SUM DRR