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.
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.