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Federal Bank first-quarter profit rises 26 percent, lags estimates
Highlights
Federal Bank Ltd (FED.NS) posted a 26 percent rise in first-quarter net profit, but lagged estimates as provisions for bad loans rose.
Federal Bank Ltd (FED.NS) posted a 26 percent rise in first-quarter net profit, but lagged estimates as provisions for bad loans rose.
Net profit rose to 2.10 billion rupees ($32.61 million) for the quarter ended June 30, from 1.67 billion rupees a year earlier, the mid-sized private sector lender said on Wednesday. bit.ly/2uWwGCa
Analysts on average had expected a net profit of 2.51 billion rupees, Thomson Reuters data showed.
Gross bad loans as a percentage of total loans rose to 2.42 percent at end-June, compared with 2.33 percent at March-end.
Shares in Federal Bank were trading 3.2 percent lower after the results in the BSE Sensex that gained 0.36 percent.($1 = 64.4025 Indian rupees)
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