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federal bank

Federal Bank stock drops 11% on rise in bad loans for Q4FY18

The bank’s NII was below estimates at Rs933.2cr as against Rs842.4cr, which is up by 10.8% yoy.

Federal Bank Ltd is currently trading at Rs90.50, down by Rs10.65 or 10.53% from its previous closing of Rs101.15 on the BSE. The bank’s Q4FY18 net profit was below estimates, which has declined by 43.5% yoy to Rs145cr against Rs256.6cr in Q4FY17.

Its GNPA for Q4FY18 stood at 3% against 2.52% qoq, which has increased by 48bps. NNPA for the quarter came at 1.69% against 1.36% qoq, which has increased by 33bps.

NII was below estimates at Rs933.2cr as against Rs842.4cr, which is up by 10.8% yoy.

Slippages for the quarter stood at Rs872cr. Slippages were primarily due to 7 large exposures in the restructured standard book and the management has guided for run rate of Rs1,100-1,200cr for FY19E.

The scrip opened at Rs93.10 and has touched a high and low of Rs94.65 and Rs88.25 respectively.

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