Federal Bank logs record high net income at Rs 1,010 crore

MUMBAI: The Kochi-based old generation private sector lender Federal Bank has reported the highest-ever quarterly net income at Rs 1,010 crore for the June quarter, logging in an 18.25 percent annualised growth, boosted by all-round performance in terms of asset generation as well as maintaining asset quality. The bank had reported a standalone net of Rs 854 crore in the year-ago period.

The lender, which is getting a new chief executive in Krishnan Venkat Subramanian (RBI cleared his appointment Monday) as the incumbent Shyam Srinivasan will be hanging up his boots after 14 years at the helm, will also be raising up to Rs 6,000 crore this year through various securities on a private placement basis, as the bank expects its above industry average loan growth to continue in the rest of the current fiscal.

The robust numbers and the appointment of the new CEO sent the Federal Bank counters to a 52-year high of 203.90 and closed with 1.8 percent gains at Rs 201.45 on the BSE which shed around 0.4 percent spooked by the Budget.