Federal Bank Q1 results: Net profit increased by 4.30% to Rs. 401.00 crores in FY21
Federal Bank Q1 results: It is one of the private sector banks in India located in Kochi. Whereas, the bank also has branches in Abu Dhabi and Dubai. The bank provides services in Retail Banking, Financial Services, and Insurance to its customers. Initially, the bank was also known as Travancore Federal Bank founded by K.P. Hormis on April 23rd, 1931.
Meanwhile, on Wednesday, July 15th, the private sector bank reported its Q1 results for the financial year 2020-21. The bank’s standalone net profit increased by 4.30% to Rs. 401.00 crores in Q1FY21. While the bank also posted its standalone net profit of Rs. 384.21 crores in the same quarter last fiscal year.
Besides, the bank’s total income from operations increased to Rs. 3,932.52 crores in this quarter ended on June 30th, 2020. While the bank also posted its income of Rs. 3,620.80 crores during the same quarter last financial year. The bank also reported its provisions and contingencies of Rs. 683.80 crores as against Rs. 312.09 crores in the same quarter last year.
Whereas, the private bank also posted its interest income of Rs. 3,444.15 crores as against Rs. 3,229.30 crores in the same quarter last year. While the income from other sources stood at Rs. 488.37 crores as against Rs. 391.52 crores in the same quarter last fiscal year.
On the other side, the bank’s gross non-performing assets (NPAs) decreased by 2.96% as against 2.99% in the same quarter last year. In terms of capital, the bank’s gross non-performing assets stood at Rs. 3,655.59 crores as against Rs. 3,394.69 crores. While the net NPA of the bank decreased by 1.22% to Rs. 1,477.46 crores as against 7.22% to Rs. 1,672.82 crores in the same quarter last financial year.
However, the shares of Federal Bank Limited reported a bearish trend in the stock market on Wednesday. The bank lost 0.50 points with a 0.98% decrease and reached 50.60 INR. While in BSE, the bank lost 1.25 points with a 2.45% decrease and reached 49.85 INR.
Stock Market July 15th:
On Wednesday, both Sensex and Nifty reported a bullish trend in the stock market after bearish reports in the last session. The Sensex is trading above 36,000 levels and Nifty is trading above 10,600 levels in the stock market. The Sensex gained 18.75 points with a 0.052% increase and reached a 36,051.81 level. While Nifty gained 10.85 points with a 0.10% increase and reached 10,618.20 level.
On the other side, the number of coronavirus cases in India reached 9,36,181 as of Wednesday, July 15th, and deaths reached 24,309.
In the border market, the S&P BSE SmallCap reported a bearish trend in the stock market on Wednesday. It lost 6.24 points with a 0.049% decrease and reached a 12,658.94 level. The S&P BSE Midcap lost 46.27 points with a 0.35% decrease and reached a 13,230.33 level. While Nifty Bank lost 51.45 points with a 0.24% decrease and reached 21,340.75 level.
Top Gainers on July 15th: Wipro, Infosys, HCL Technologies, Tech Mahindra, and TCS are the top gainers in today’s stock market.
Top Losers on July 15th: Bharti Airtel, Reliance Industries, Zee Entertainment, Bharti Airtel, and GAIL India are the top losers in today’s stock market.