Shares of Federal Bank jumped 2 per cent in Tuesday's trade as the bank has posted a 31 per cent increase in net profit to Rs 264 crore in the quarter ended September from Rs 201 crore a year earlier, driven by a 25 per cent growth in loans, stable margins and steady asset quality.
Following the development, the stock advanced 2 per cent to Rs 127.30 on BSE. It opened at Rs 126.70 and touched an intraday high and low of Rs 127.75 and Rs 125.95 respectively, in the morning trade.
At 11.25 a.m., the shares were trading higher by 1.6 per cent at Rs 126.80 on the BSE. On the NSE, the shares were up 1.56 per cent at Rs 126.75.
Kerala-based Federal Bank has posted a 31 per cent growth in its net profit at ₹264 crore in the second quarter of this fiscal (FY18), compared with ₹201.24 crore in the corresponding year-ago period.
Total business registered 18 per cent growth to ₹1,77,856.63 crore as on September 30, backed by a 24.54 per cent growth in gross advances. Total advances grew to ₹81,496.54 crore from ₹65,439.31 crore.