Federal Bank Q1 Results: Profit up 42%, stock down 3%
Federal Bank has reported a 42% increase in its net profit for Q1 of FY22.
The bank's net profit for the quarter stood at Rs 478.24 crore, up from Rs 337.81 crore in the same period last year.
The bank's total income for the quarter increased by 10.5% to Rs 3,949.32 crore.
However, the bank's stock has fallen by 3% following the announcement of the Q1 results.
The bank's stock closed at Rs 85.10 on the BSE on July 12, down from its previous close of Rs 87.70.
The bank's gross non-performing assets (NPAs) as a percentage of total advances stood at 3.38% as of June 30, 2021.
This is a slight increase from the bank's gross NPAs of 3.38% as of March 31, 2021.
The bank's net NPAs as a percentage of total advances stood at 1.23% as of June 30, 2021.
This is a decrease from the bank's net NPAs of 1.26% as of March 31, 2021.
The bank's board has approved the raising of up to Rs 4,000 crore through the issuance of equity shares or other securities.
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