Federal Bank, a private sector lender, today reported a 24.84% higher in net profit at Rs 2.01 billion for the second quarter ended September 30, 2016 from Rs 1.61 billion in the same period last year on the back of higher provisions for contingencies.
Total income of the bank increased 11.67% to Rs 23.27 billion during the quarter from Rs 20.84 billion in the corresponding period last year.
The bank has made provision of Rs 1,684.0 million, which was higher by 92.94% from prior year period to Rs 872.8 million.
Shares of the bank gained Rs 3.3, or 4.4%, to trade at Rs 78.25. The total volume of shares traded was 964,270 at the BSE (1.37 p.m., Tuesday).