Federal Bank calls merger talks ‘Speculative'; stock hits fresh 52-week high

5 Sep 2022 , 01:17 PM

Federal Bank’s counter hit a new 52-week high after it calls a media report suggesting the bank’s merger with Kotak Mahindra Bank as Speculative.

At around 1.09 PM, the counter was trading 3.26% higher at Rs123.45, against the previous close of Rs119.55. In today’s trade, it hit a new 52-week high of Rs129.75 on NSE.

Federal Bank stated in an exchange filing that it wishes to clarify categorically that the media reports anticipating a merger between Federal Bank and another private bank is ‘speculative in nature’.

The bank further added, “In this respect, we would like to bring to the notice that as of today, the Company has no information, that is needed to be published under the current SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and that may have an impact on the company’s stock price.”

For the most recent quarter, the firm generated a net profit of Rs600.66 crore. Net interest income (NII) was Rs1,605 crore, up from Rs1,418 crore y-o-y.

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