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Tuesday, Jul 27, 2004

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Corporate Results - Private Banks

Federal Bank Q1 net up 20 pc

Our Bureau

Kochi July 26

THE Aluva-based Federal Bank has reported a 20 per cent increase in its net profit for the first quarter of the current fiscal to Rs 45.03 crore, as against Rs 37.43 crore reported for the corresponding period of the previous year.

The results adopted by the board of directors on Monday, noted that the total income of the bank increased to Rs 372.46 crore (Rs 365.86 crore), even as the total expenditure decreased marginally to Rs 254.14 crore (Rs 254.21 crore). Consequently, the operating profit increased to Rs 118.32 crore (Rs 111.65 crore), a fax from the bank said.

On an year-on-year basis, total deposits increased by 17.83 per cent to Rs 12,915 crore even as advances grew by 28.16 per cent to touch Rs 7,988 crore. As on June 30, the total cost of deposits stood reduced at 5.30 per cent from 6.24 per cent at the end of the last fiscal.

The gross NPA has come down from 7.44 per cent in March to 7.20 per cent as on June 2004. The net NPA decreased from 2.89 per cent to 2.32 per cent.

The book value per share has increased to Rs 318.61 from Rs 298.24 last year. Earnings per share, has also shown an improvement to Rs 82.64 from Rs 62.65. Business per employee has now grown to Rs 3.26 crore, while the profit per employee has touched Rs 2.83 lakh. Return on average assets increased to 1.26 per cent from 1.03 per cent as on March 2004.

Bonds fully subscribed

Federal Bank has mobilised Rs 45 crore from subordinated bonds through the private placement route.

The issue for the unsecured redeemable non-convertible bonds, which opened on July 16, was fully subscribed by July 22, a press release from the bank has said.

The bonds have two options, one bearing a coupon rate of 6.75 per cent for a tenure of 93 months, and the other with a coupon rate of 6.85 per cent per annum for 117 months.

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