Federal Bank of India Reported its Numbers for the Third Quarter
India Federal Bank reported its numbers for the third quarter ending in December 2020. The consolidated interest income of the company for the period was Rs 2860.93 crore, which was 0% 2.69% from Rs 2,07.01 crore for the same period of 2019. The bank had a net profit of Rs 419.67 crore for the quarter ended December 2020.
Federal Bank has quite a few developments. In an interview with The Economic Times, Federal Bank MD and CEO Shyam Srinivasan said that its restructuring loan book for the quarter came in at just Rs 1,500 crore as against the earlier estimate of Rs 3,500 crore.
The company holds a 74% stake in its NBFC subsidiary (non-banking finance company) FedBank Financial Services Limited (FedFina). Srinivasan has indicated that FedFina may go for an initial public offer (IPO). FedFina operates through 360 branches in 12 states. It had a loan book of Rs 4,337 crore. It reported a 40% increase in net profit for December 2020 as compared to December 2019.
It is awaiting regulatory approval to take an additional 4% stake in IDBI Federal Life Insurance Company Limited (IFLI).
Brokerage firm Motilal Oswal (NS: MOFS) has given a target price of Rs 100 for the company, which is 30% higher than today’s closing price of Rs 76.85.
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By Investing.com – 22 January 2021