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Business News/ Markets / Stock Markets/  Rekha Jhunjhunwala portfolio: Federal Bank shares close to record high ahead of Q2 results 2023
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Rekha Jhunjhunwala portfolio: Federal Bank shares close to record high ahead of Q2 results 2023

Rekha Jhunjhunwala portfolio: Federal Bank share price today opened upside at ₹151.55 apiece levels on NSE, less than a rupee lower from its life-time high of ₹152.30

Federal Bank shares have been in uptrend for the last four months after bottoming out at ₹120 apiece levels in June 2023. (MINT)Premium
Federal Bank shares have been in uptrend for the last four months after bottoming out at 120 apiece levels in June 2023. (MINT)

Rekha Jhunjhunwala portfolio: Federal Bank shares have been in uptrend after bottoming out in June 2023. This Rekha Jhunjhunwala share has risen from around 120 to 150 apiece levels, deliering to the tune of 25 per cent return to its shareholders in last four months. However, it seems that Federal Bank shares still possess some steam. This Rekha Jhunjhunwala portfolio stock today opened upsde and inch close to its life-time high of 152.30 apiece on NSE, which it has made recently. the south Indian bank is going to declare its Q2 results today.

Q2 results today: Market expectations from Federal Bank

On account of steady growth in loans and deposits, and improvement in asset quality, market is expecting strong Q2 numbers from the south Indian bank. However, due to rise in cost of funding, margins of the Federal Bank may come under pressure. However, the private lender is expected to mainmtain better NIMs in comparison to its PSU counterparts.

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Federal Bank Q1 results 2023

In Q1FY24, Federal Bank reported a net profit of 853.74 crore for the first quarter of FY24, registering a strong growth of 42.2% from 600.66 crore in the corresponding period last year. The south Indian bank’s net interest income (NII) in Q1FY24 rose 19.6% to 1,918 crore from 1,604.5 crore, YoY. Net interest margin (NIM) contracted marginally by 7 basis points to 3.15% from 3.22% in the June quarter last year.

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On the asset quality front, the Federal Bank's gross non-performing assets (GNPA) in the June quarter increased 6% to 4,434.8 crore from 4,183.8 crore in the March quarter. Net NPA rose by 5.8% to 1,274.6 crore from 1,205 crore, QoQ.

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Rekha Jhunjhunwala shareholding

As per the latest shareholding pattern of Federal Bank available on BSE website (11th October 2023), Rekha Jhunjhunwala holds 7,27,13,440 Federal Bank shares, which is 3.03 per cent of total paid up capital of the private lender.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 16 Oct 2023, 11:21 AM IST
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