Curated By: Business Desk
Last Updated: October 17, 2023, 12:19 IST
Jhunjhunwala household holds greater than Rs 7.27 crore price of Federal Bank shares.
On Monday, the Federal Bank inventory opened on the NSE to virtually its lifetime excessive of Rs 152.30 apiece.
The Federal Bank has launched the outcomes of the second quarter of the present monetary yr. In July-September 2023, the corporate recorded a web revenue improve of 35.6 per cent to Rs 953.82 crore. In the identical interval, the financial institution’s web curiosity Income (NII) elevated by 16.7 per cent. And the shares of the financial institution, which is part of Rekha Jhunjhunwala’s portfolio, reached a report excessive on Monday.
During the final 4 months, the Federal Bank has given 25 per cent returns to its shareholders. The shares are a part of Rekha Jhunjhunwala’s portfolio recorded a rise from Rs 120 to Rs 150. On Monday, the inventory opened on the National Stock Exchange of India Limited (NSE) to virtually its lifetime excessive of Rs 152.30 apiece.
Due to the regular progress in loans, deposits and asset high quality of the Federal Bank, the market anticipated robust quarter 2 numbers. It can be anticipated to take care of higher Net Interest Margin Securities (NIMS) compared to Public Sector Units (PSU) opponents.
As per studies, the Jhunjhunwala household holds greater than Rs 7.27 crore price of shares of Federal Bank. As per the most recent shareholding sample until September 11, 2023, Rakesh Jhunjhunwala’s spouse, Rekha holds Rs 7.27 crore of Federal Bank or 3.03 per cent stake within the financial institution.
Speaking of asset high quality, Federal Bank’s Gross Non-Performing Assets (GNPA) within the June quarter elevated from Rs 4,183.8 crore to Rs 4,434.8 crore, registering a 6 per cent progress within the March quarter. Net Non-Performing Assets (NPA) elevated by 5.8 per cent to Rs 1,274.6 crore from Rs 1,205 crore, quarter on quarter (QOQ).
The Federal Bank registered a web revenue of Rs 853.74 crore, which was a progress of 42.2 per cent from Rs 600.66 crore within the final yr throughout the identical interval. At the identical time, the web curiosity earnings of the financial institution elevated from Rs 1,604.5 crore to Rs 1,919 crore, a 19.6 per cent progress, on an annual foundation.
