Financial News

Federal Bank shares surge owing to good Q4 results

Federal Bank sharesThe Stock of Federal Bank Limited has surged in the late morning hours on Friday. The bank has announced the stellar financial results for the quarter ended March 31, 2017. The stock has touched its new 52-week high of Rs. 118.9 per share, rising by 5.6 percent. The Federal Bank stock is the major gainer in the Nifty Private Bank index.

The bank has further reported improvement in the non-performing assets (NAP) figures for the Q1 ended March 31, 2017. Gross NPA’s for the period stood at Rs 1,722 crores leading to nearly 54 base point improvement in asset quality, whereby Gross NPA as a percentage of Gross Advances figured at 2.3%. Provisions for bad loans reduced by 68% year on year to Rs. 122.7 crores.

Federal Bank stock is currently trading at Rs 119.4, up by Rs 7 or 6.23% from its last closing of Rs 112.4 on the BSE. The scrip opened at Rs 113.05 and has touched a high of Rs 120 and a low Rs 112.6. The current market cap of the bank is Rs 19,392.3 crore.