October 16, 2018 / 7:48 AM / a month ago

India's Federal Bank posts marginal growth in quarterly profit

Oct 16 (Reuters) - India’s Federal Bank Ltd posted a 0.9 percent rise in second-quarter net profit on Tuesday, helped by higher interest income.

Net profit was 2.66 billion rupees ($36.08 million) in the quarter ended Sept. 30, compared with 2.64 billion rupees a year earlier, the mid-sized private-sector lender said bit.ly/2Ad2yUP.

Eleven analysts, on average, had expected a net profit of 2.14 billion rupees, according to I/B/E/S data from Refinitiv.

Gross bad loans as a percentage of total loans stood at 3.11 percent at September-end, compared with 3 percent in the previous quarter and 2.39 percent a year earlier.

Interest earned rose 16.2 percent to 27.65 billion rupees.

The bank’s shares rose as much as 7.5 percent after the results. ($1 = 73.7275 Indian rupees) (Reporting by Chris Thomas in Bengaluru; Editing by Subhranshu Sahu)

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