Financial Daily from THE HINDU group of publications
Tuesday, May 31, 2005
Financial Daily from THE HINDU group of publications Tuesday, May 31, 2005 |
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Corporate Results
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Private Banks Money & Banking - Financial Performance Federal Bank Q4 net up 30% Our Bureau
Kochi , May 30 THE net profit of Federal Bank grew 30 per cent to Rs 29.86 crore during the fourth quarter of 2004-05 from Rs 23 crore a year ago. However, the net profit for 2004-05 fell by 34 per cent to Rs 90.09 crore (Rs 136 crore). The bank has scaled down the dividend from 70 per cent to 25 per cent this year. Addressing a press conference, Mr M. Venugopalan, Chairman and CEO of the bank, said that the prime reason for the fall in profit is the one-time absorption of depreciation on investments, transfer of securities to the held-to-maturity category and the dip in trading gains. Net interest income rose 19 per cent to Rs 502.28 crore (Rs 421.77 crore). Supported by a consistent growth in credit, interest income from advances increased by 8 per cent to Rs 772.76 crore (Rs 714.28 crore). Due to a reduction in the overall cost of funds, the bank was able to contain interest expenses. The total operating expenses were higher by Rs 30.95 crore due to provisions for an anticipated bipartite settlement and an increase in other overhead expenses. The non-performing loans of the bank were lower at 7.29 per cent against 7.44 per cent the previous year. The net non-performing loans were also lower at 2.21 per cent against 2.89 per cent. The net worth of the bank increased by Rs 74.49 crore to Rs 723.35 crore. The capital adequacy level stood at 11.27 per cent. The book value was Rs 110.26 and earnings per share stood at Rs 13.73. The total business of the bank crossed Rs 24,000 crore with deposits at Rs 15,193 crore and advances at Rs 8,823 crore. The bank proposed to renew its focus on retail credit and small and medium enterprises, and has targeted a 25 per cent growth in business volumes during the current year.
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