Federal Bank posts marginal growth in quarterly profit
(Reuters) - India's Federal Bank Ltd posted a 0.9 percent rise in second-quarter net profit on Tuesday, helped by higher interest income.
Net profit was 2.66 billion rupees ($36.08 million) in the quarter ended Sept. 30, compared with 2.64 billion rupees a year earlier, the mid-sized private-sector lender said http://bit.ly/2Ad2yUP.
Eleven analysts, on average, had expected a net profit of 2.14 billion rupees, according to I/B/E/S data from Refinitiv.
Gross bad loans as a percentage of total loans stood at 3.11 percent at September-end, compared with 3 percent in the previous quarter and 2.39 percent a year earlier.
Interest earned rose 16.2 percent to 27.65 billion rupees.
The bank's shares rose as much as 7.5 percent after the results.
($1 = 73.7275 Indian rupees)
(Reporting by Chris Thomas in Bengaluru; Editing by Subhranshu Sahu)
