The Hindu Business Line : Federal Bank total income up 38.33%

Kochi, May 23 The net profit of Federal Bank has registered an increase of 25.73 per cent touching Rs 368.05 crore as on March 31, as against Rs 292.73 crore achieved in the previous year.

Giving details of the audited financial results of the bank at a press meet here on Friday, the bank Chairman, Mr M. Venugopalan, the bank posted a 38.33 per cent growth in total income due to the increase in income from advances, investments and non-interest income. Though there was significant increase in the other operating expenses due to branch expansion and migration to CBS, the bank could contain the cost to income ratio at 37.12 per cent as against 39.85 per cent in the previous fiscal, he said. The net interest income increased by 21.15 per cent to Rs 868.01 crore. The board of directors, which approved the financial results, also announced a dividend of 40 per cent like that recommended last year. The earnings per share and book value per share improved to Rs 32.42 and Rs 229.53 respectively.

Future plans

The Chairman said that the bank would pursue aggressive business growth opportunities and is looking for a total business of Rs 1,00,000 crore by 2011. The bank would continue to open more branches from the present 603 and also more ATMs this year, in line with its organic growth plans. To meet the requirements of higher business levels, the bank will pursue a massive recruitment drive, with plans to recruit 2,000 personnel in the next one year.

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