Federal Bank Q2 results: Net profit declined by 26.20% to Rs. 307.62 crores for FY21
Federal Bank: 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, Mortgage Loans, and Insurance to its customers. Initially, the bank was also known as Travancore Federal Bank founded by K.P. Hormis on April 23rd, 1931. The present chief executive officer (CEO) of the bank is Shyam Srinivasan.
Meanwhile, on Saturday, October 17th, the scheduled commercial bank reported its Q2 results for the Financial Year 2020-21. Whereas, the bank’s standalone net profit decreased by 26.20% Year-on-Year (YoY) to Rs. 307.62 crores in this quarter ended on September 30th, 2020. While the bank also reported its standalone net profit of Rs. 416.70 crores in the same period last fiscal year.
Besides, the bank’s total income during this quarter increased to Rs. 3,997 crores in Q2FY21. The bank also posted its total income of Rs. 3,675 crores in the same quarter last fiscal year. Whereas the bank’s net interest income (NII) increased by 22.80% to Rs. 1,379.85 crores in the September quarter. While the net interest margin of the bank stood at 3.13% in Q2FY21.
On the other side, the deposits of the bank increased by 12% in Q2FY21. Whereas the provisions and contingencies of the bank increased by 135.20% YoY to Rs. 592.06 crores as against Rs. 251.80 crores in the same period last financial year, said the bank in a regulatory filing.
So, the gross non-performing assets (NPAs) of the bank decreased by 2.84% as against 3.07% in the same quarter last financial year. While the net non-performing assets (NPA) of the bank decreased by 0.99% as against 1.59% in the same period last year. The bank’s gross NPA during this quarter stood at 3,552.20 crores compared to Rs. 3,655.60 crores in the same quarter last fiscal year.
However, the shares of Federal Bank Limited reported a bullish trend in the stock market on Friday. The bank gained 0.35 points with a 0.68% increase and reached 52.10 INR. While in BSE, the bank gained 0.50 points with a 0.97% increase and reached 52.25 INR.
Stock Market October 16th:
On Friday, both Sensex and Nifty reported a bullish trend in the stock market after bearish reports in the last session of the stock market. The Sensex is trading above 39,900 levels and the Nifty is trading above 11,700 levels in the stock market. The Sensex gained 254.57 points with a 0.64% increase and reached a 39,982.98 level. While Nifty gained 82.10 points with a 0.70% increase and reached 11,762.45 level.
On the other side, the number of coronavirus cases in India reached 74,94,551 as of Sunday, October 18th, and deaths reached 1,14,031.
In the border markets, the S&P BSE SmallCap reported a bullish trend in the stock market on Friday. It gained 142.61 points with a 0.97% increase and reached a 14,786.56 level. The S&P BSE MidCap gained 152.43 points with a 1.05% increase and reached a 14,621.31 level. While the Nifty Bank gained 460.85 points with a 2.00% increase and reached 23,533.25 level.
Top Gainers on October 16th: JSW Steel, Tata Steel, BPCL, Divi’s Laboratories, and Hindalco Industries are the top gainers in today’s stock market.
Top Losers on October 16th: UPL, HCL Technologies, M&M, Asian Paints, and Reliance Industries are the top losers in today’s stock market.