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NEW DELHI: S&P BSE Bankex stocks were trading on a positive note at 12:56PM (IST) on Wednesday. Shares of Federal Bank (up 2.4 per cent), Bandhan Bank (up 1.91 per cent), HDFC Bank (up 1.84 per cent), Axis Bank (up 1.77 per cent) and
State Bank of India (up 1.58 per cent) were among the top gainers. While Kotak Mahindra Bank (down 0.15 per cent) was the sole loser in the index. The S&P BSE Bankex index was trading 1.07 per cent up at 39917.94 around 12:56PM. Benchmark NSE Nifty50 index was up 112.65 points at 14820.45, while the BSE Sensex was up 283.81 points at 50035.22. Among the 50 stocks in the Nifty index, 25 were trading in the green, while 24 were in the red.
Federal Bank Q3 results: Profit drops 8% to Rs 404 crore on over 2-fold rise in provisions
Federal Bank Q3 results: The provisions (other than tax) and contingencies surged by 161 per cent to Rs 421 crore, from Rs 161 crore in the year-ago period
BusinessToday.In | January 20, 2021 | Updated 14:37 IST
Federal Bank posted net profit of Rs 404 crore in December quarter
Private lender Federal Bank has reported 8 per cent decline in net profit at Rs 404 crore for the third quarter ended December 31, 2020 (Q3 FY21), as against Rs 441 crore in the same period last year due to rise in provisions and contingencies. The provisions (other than tax) and contingencies surged by 161 per cent to Rs 421 crore, from Rs 161 crore in the year-ago period.
Banking stocks were under pressure during Tuesday s trading session as the Reserve Bank of India (RBI) has warned about a double-digit rise in gross non-performing assets (GNPA) by September 2021. Investors turned cautious as this will further impact earnings of the banking sector led by higher provisions and deteriorating asset quality. At around 11.31 am, Nifty Bank was trading at 31,896.35 down 102.55 points or 0.32%. The index has tumbled to an intraday low of 31,725.85. Private banks saw most selling pressure compared to the state-owned banks. Nifty PSU Bank was trading at 1,818.85 up 0.91% and Nifty Private Bank was down 0.49% at 17,613.20. On Nifty Bank, Bandhan Bank was the top underperformer down nearly 3% followed by Kotal Bank which tumbled by nearly 2%.