Shares of private sector lender Federal Bank Ltd are trading near their record high. The banking stock touched an all-time high of Rs 159.25 in the previous session. However, the stock saw partial profit-booking and closed 2.76% lower at Rs 153.10 on Wednesday.
The banking shares touched a record high of Rs 158.05, rising 2.59% in early deals today against the previous close of Rs 154.05 on BSE. Market cap of the bank rose to Rs 38,295 crore.
Shares of Federal Bank Ltd hit an all-time high today after the lender reported better-than-expected earnings for the quarter ended September 2023. Net profit climbed 35.56% to Rs 954 crore in Q2 against the profit of Rs 703.7 crore in the September quarter of 2022. The bank logged highest ever quarterly profit in Q2. Net interest income came 16.7% higher at Rs 2056.4 in Q2 against Rs 1761.18 crore in September quarter of the previous fiscal. NII too was the highest in the last quarter.
Shares of Federal Bank closed over 3 per cent higher in the previous session after the lender reported a 13.2 per cent rise in its standalone net profit to Rs 541 crore in the March 2022 quarter. The bank had posted a net profit of Rs 478 crore in the same quarter of previous fiscal. The banking stock has gained after five days of consecutive fall.
Federal Bank share hit a fresh 52-week high today after the lender reported a 55 per cent rise in Q2 net profit. Ace investor Rakesh Jhunjhunwala held 2.64% stake or 5,47,21,060 shares in the bank at the end of September quarter.
The Jhunjhunwala couple under the name of Rakesh Jhunjhunwala Rekha Jhunjhunwala bought an additional 2,10,00,000 shares or 1.01 per cent stake in the private lender.