Shares of Federal Bank declined 6.5 percent intraday on October 16 despite the company reporting better numbers in the quarter ended September 2019.
The company has reported 56.7 percent jump in its Q2FY20 profit to Rs 416.7 crore against Rs 266 crore in the same period last year.
Net interest income grew by 9.9 percent YoY to Rs 1,123.8 crore, with loan growth at 14.8 percent.
Asset quality weakened during the quarter under review with gross non-performing assets (NPA), as a percentage of gross advances, rising 8 bps to 3.07 percent and net NPA increasing 10 bps to 1.59 percent quarter-on-quarter.
Fresh slippages at the end of Q2 increased to Rs 540 crore against Rs 415 crore at the end of Q1.
Provisions increased sharply to Rs 251.8 crore versus Rs 192 crore in Q1 FY20 but fell from Rs 288.8 crore in Q2 FY19.
At 1456 hrs, Federal Bank was quoting at Rs 81.45, down Rs 3.05, or 3.61 percent on the BSE.
The share touched its 52-week high of Rs 110.35 and its 52-week low of Rs 73.20 on 03 July 2019 and 15 October 2018, respectively.
Currently, it is trading 26.19 percent below its 52-week high and 11.27 percent above its 52-week low.
news Source:- moneycontrol