REUTERS - Federal Bank Ltd (FED.NS) posted a 31 percent rise in second-quarter net profit, helped by lower provisions for bad loans.
Net profit rose to 2.64 billion rupees ($40.8 million) in the quarter ended Sept. 30, the mid-sized private-sector lender said on Monday. bit.ly/2yreeCO
Analysts on average had expected a net profit of 2.54 billion rupees, according to Thomson Reuters data.
Gross bad loans as a percentage of total loans stood at 2.39 percent in the September quarter, compared with 2.42 percent in the June quarter and 2.78 percent a year earlier.
Shares of the bank jumped as much as 4 percent after the results in midday trade on the National Stock Exchange.
($1 = 64.7450 Indian rupees)
Reporting By Samantha Kareen Nair in Bengaluru; Editing by Gopakumar Warrier