Federal Bank shares rose 8pc after the September quarter earnings announcement

Shares of Federal Bank on Tuesday jumped 8 percent after the company posted an 11 percent rise in profit to Rs 1,057 crore in the September quarter.

The stock rose 8 percent to Rs 199.55 on the BSE.

On the NSE, it rose 7.83 percent to Rs 199.49.

The lender has earned a whopping profit of Rs 954 crore in the past period.

Net income rose to Rs 7,541 crore in the quarter under review against Rs 6,186 crore in the same quarter last year, Federal Bank said in a regulatory filing on Monday.

The bank reported interest income of Rs 6,577 crore in the quarter, higher than Rs 5,455 crore in the same period last year.

Net interest income (NII) grew 15 percent to Rs 2,367 crore, compared to Rs 2,056 crore in the same quarter last year.

In terms of asset quality, the bank saw an improvement with gross non-performing assets (NPAs) falling to 2.09 percent of total loans at the end of September 2024, from 2.26 percent last year.

Similarly, gross NPAs, or bad loans, stood at 0.57 percent from 0.64 percent at the end of the second quarter of the previous fiscal year.