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Our Bureau

Kochi, Sept. 25 The Annual General Meeting of Federal Bank approved a dividend of 40 per cent for the year 2006-07.

Addressing the AGM, Mr M. Venugopalan, Chairman, said the business volume of the bank had grown by 23.19 per cent to Rs 36,483 crore, with the deposit portfolio growing to Rs 21,584 crore and advances to Rs 14,899 crore.

The net profit increased to Rs 292.73 crore (Rs 225.21 crore). The net NPA could be contained at 0.44 per cent as against 0.95 per cent of the earlier year. With the introduction of seamless direct remittances facilities with 20 exchange houses, the corpus of NRI deposits has risen to Rs 5,514 crore. Total net worth of the bank was Rs 1,502.21 crore.

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Federal Bank AGM okays 40% payout

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