Shares of Federal Bank were trading higher in morning trade today on the lender’s quarterly and yearly earnings performance.

Federal Bank stock opened at a gain of 3.32 per cent, forming a gap-up chart pattern and rose 3.73 per cent to further touch an intraday high of Rs 102.45 on BSE.

Today’s opening price of Rs 101 is 3.9 per cent away from 52 week high of Rs 105.00

On the National Stock Exchange, the stock opened at day’s high of Rs 102, up 4.4 per cent against the previous close of Rs 97.65, which is 3 points away from its 52- week high of Rs 105, achieved last on May 9 , 2018.

According to data available with BSE, there was a surge in volume by more than 2.1 times, with 9.07 lakh shares traded, that is above the 5,10 and 30-day average volume traded, at a turnover of Rs 9.06 cr. The stock is trading above its 5,10 and 30-day volume average on NSE as well, with 19.98 lakh shares changing hands, with more volume traded close to high price,

The private lender’s stock has been trading higher than its 5, 20, 50, 100 and 200-day moving averages.Stock has been gaining for the last 3 days and has risen 8.36 per cent in the period.

At 12:55 pm , Federal Bank’s stock was trading 3.38 per cent higher at Rs 101.05, on BSE and up 3.07 per cent at Rs 100.65 apeice on NSE.

Federal Bank reported an over two-fold jump in net profit for the March quarter at Rs 381.51 crore on account of lower provisioning and higher interest income. This was against the net profit of Rs 144.99 crore in the fourth quarter of 2017-18 fiscal.

For the 2018-19 fiscal, Federal Bank reported highest ever standalone net profit of Rs 1,243.89 crore, up 41.5 per cent from Rs 878.85 crore in 2017-18. Additionally, provisioning for bad loans during the quarter more than halved to Rs 177.76 crore, as against Rs 371.53 crore in the corresponding period of 2017-18.

Annual operating profit of the private lender stood grew by 20 .61 per cent to Rs 2,763.10 crore, whereas quarterly operating profit grew at 28.23 per cent to Rs 754.75 crore. Total income of the bank rose to Rs 3,444 crore in the March quarter of 2018-19, from Rs 2,862 crore in the same period last fiscal, Federal Bank said.

Following the quarterly results announcements, global brokerage firms such as Morgan Stanley, Jefferies and Citigroup have maintained their positive rating on Federal Bank. While Morgan Stanley has maintained its ‘equal weight rating’ on Federal Bank post March quarter results with a target price of Rs 95, Citigroup maintained its ‘neutral rating’ as well and also raised its target price to Rs 110 from Rs 90 earlier.

Meanwhile, Jefferies has maintained its buy rating on Federal Bank and raised its 12-month target price to Rs 114 from Rs 104 earlier.

Federal Bank has also have recommended the payment of final dividend of Rs. 1.40 per equity share, that is 70 per cent on the equity shares of the Bank and the same will be payable after shareholders approval in the Annual General Meeting of the Bank.