The Federal Bank has released the results of the second quarter of the current financial year. In July-September 2023, the company recorded a net profit increase of 35.6 per cent to Rs 953.82 crore. In the same period, the bank’s net interest Income (NII) increased by 16.7 per cent. And the shares of the bank, which is a part of Rekha Jhunjhunwala’s portfolio, reached a record high on Monday.
During the last four months, the Federal Bank has given 25 per cent returns to its shareholders. The shares are part of Rekha Jhunjhunwala’s portfolio recorded an increase from Rs 120 to Rs 150. On Monday, the stock opened on the National Stock Exchange of India Limited (NSE) to almost its lifetime high of Rs 152.30 apiece.
Due to the steady growth in loans, deposits and asset quality of the Federal Bank, the market expected strong quarter 2 numbers. It is also expected to maintain better Net Interest Margin Securities (NIMS) in comparison to Public Sector Units (PSU) competitors.
As per reports, the Jhunjhunwala family holds more than Rs 7.27 crore worth of shares of Federal Bank. As per the latest shareholding pattern till September 11, 2023, Rakesh Jhunjhunwala’s wife, Rekha holds Rs 7.27 crore of Federal Bank or 3.03 per cent stake in the bank.
With inputs from News18.