INSUBCONTINENT EXCLUSIVE:
Federal Bank posted a 0.9 per cent rise in second-quarter net profit on Tuesday, helped by higher interest income.
Net profit was Rs 266
crore ($36.08 million) in the quarter ended September 30, compared with Rs 264 crore a year earlier, the mid-sized private-sector lender
said.
Eleven analysts, on average, had expected a net profit of Rs 2.14 crore, according to I/B/E/S data from Refinitiv.
Gross bad loans as
a percentage of total loans stood at 3.11 per cent at September-end compared with 3 per cent in the previous quarter and 2.39 per cent a
year earlier.
Interest earned rose 16.2 per cent to Rs 2765 crore.
The bank's shares rose as much as 7.5 percent after the results.
