BOM:500469

Nomura Upgrades The Federal Bank to Buy From Neutral, Adjusts Price Target to INR330 From INR215

Standard Chartered to Sell Indian Credit Card Portfolio to Federal Bank

Standard Chartered (HKG:2888) agreed to sell the bulk of its Indian credit card portfolio to India's The Federal Bank (NSE:FEDERALBNK, BOM:500469), according to media reports Thursday.The bank, which had about 640,000 credit cards in India as of March, had been reviewing offers from Federal Bank and Kotak Mahindra Bank (NSE:KOTAKBANK, BOM:500247) ahead of the agreement, Reuters reported.The firms did not disclose the transaction value of the sale, which is expected to close by the end of 2026.

JM Financial Downgrades The Federal Bank to Reduce from Add; Price Target is INR290

Federal Bank's Fiscal Q4 Consolidated Net Profit Rises

The Federal Bank (NSE:FEDERALBNK, BOM:500469) recorded a rise in its consolidated net profit to 13.9 billion Indian rupees in the fiscal fourth quarter ended March 31 from 11.1 billion rupees a year ago.Earnings per share climbed to 5.38 rupees compared with the year-ago figure of 4.40 rupees, according to a Wednesday filing to the Indian stock exchanges.Interest earned by the lender in fiscal Q4 also increased to 79.5 billion rupees from 71.1 billion rupees a year earlier.The bank's board also recommended a final dividend of 1.20 rupees per share for the fiscal year ended March 31.Shares of the bank fell nearly 3% in recent trade.

Zaggle Prepaid Ocean Services Secures Three-Year Contract from Federal Bank

Zaggle Prepaid Ocean Services (NSE:ZAGGLE, BOM:543985) has secured a three-year contract from Federal Bank (NSE:FEDERALBNK, BOM:500469), according to a Friday filing to the Indian stock exchanges.Under the contract, the company will provide Zaggle Save, an expense management and benefits platform, to the employees of the bank.