NEW DELHI, May 10: Shares of Federal Bank slumped nearly 13 per cent today after the company reported a fall of 43.5 per cent in standalone net profit in the quarter ended March 2018.
The stock after opening the day on a weak note further plunged 12.75 per cent to Rs 88.25 as the trade progressed on BSE.
At NSE, shares of the company dived 12.75 per cent to Rs 88.25.
The company’s results were announced post market hours yesterday.
The private sector lender reported a fall of 43.5 per cent in standalone net profit at Rs 144.99 crore in the quarter ended March 31, on higher provisioning for bad loans.
The bank had made a net profit of Rs 256.59 crore in the same period of 2016-17.
Total income during the quarter stood at Rs 2,862.14 crore against Rs 2,598.06 crore in the same period of 2016-17, the bank said in a regulatory filing.
Provisioning for bad loans and contingencies were raised to Rs 371.53 crore for the reported quarter as against Rs 122.70 crore parked aside for the same purpose in the year-ago period.
Bank’s bad loans grew as the gross non-performing assets (NPAs) rose to 3 per cent of the gross loans (Rs 2,795.62 crore) as on March 31, 2018 compared with 2.33 per cent (Rs 1,727.05 crore) at end-March 2017. (PTI)
Trending Now
E-Paper
Follow our WhatsApp channel