Financial Daily from THE HINDU group of publications
Thursday, May 16, 2002
Financial Daily from THE HINDU group of publications Thursday, May 16, 2002 |
|
|
|
|
|
Money & Banking
-
Private Banks Corporate Results - Private Banks Federal Bank net up 34 pc; to pay 35 pc dividend Our Bureau
KOCHI May 15 THE net profit of the Aluva-based Federal Bank has grown by 34 per cent to touch Rs 82.01 crore for 2001-02 as against Rs 61.04 crore recorded in the previous year. Meanwhile, the operating profit has surged by 63 per cent to touch Rs 305.40 crore (Rs 187.04 crore). Addressing a press conference here, the Chairman of the bank, Mr K.P. Padmakumar, said that the business volume of the bank had for the first time crossed the Rs 15,000-crore mark and touched Rs 15,132 crore. The total income of the bank grew by 21 per cent to Rs 1,263 crore (Rs 1,044 crore). The net interest income grew by 17 per cent to Rs 276.25 crore (Rs 236.98 crore). Other income of the bank grew by a hefty 76 per cent to Rs 220 crore (Rs 125 crore). Mr Padmakumar clarified that a significant component of other income came from trading margins, besides that from sale of high yielding Government securities. The bank has continued to provide aggressively for impaired loans and standard assets, marking Rs 155.50 crore towards this. The net NPA was brought down from 10.08 per cent to 8.60 per cent. The total deposits of the bank grew to Rs 8,865 crore (Rs 7,665 crore). Meanwhile the total advances grew to Rs 5,189 crore (Rs 4,854 crore). While the yield on advances was maintained at 13.13 per cent, the cost of deposits was brought down by 30 basis points from nine per cent to 8.7 per cent. The yield on investments, including trading gain in securities, grew to 14.90 per cent as against 13.01 per cent last year. ``All the other profitability indicators have also shown a very healthy growth trend,'' Mr Padmakumar said. The return on average assets grew to 0.87 per cent from 0.77 per cent. Against the RBI stipulated norm of nine per cent, the capital adequacy of the bank grew to 10.63 per cent from 10.29 per cent of last year. The net worth of the bank grew to Rs 448.79 crore (Rs 415.48 crore). The earnings per share grew from Rs 28.11 to Rs 37.76. Business per employee grew to Rs 2.19 crore, up from Rs 1.90 crore last year. With a view to streamlining the future revenue stream, the bank has created an investment fluctuation reserve of Rs 50 crore. NRI deposits held with the bank continued to grow by 23 per cent and touched Rs 3,864 crore. NRIs continue to form a core client base contributing 44 per cent of the total deposit base. For the current fiscal, the bank has targeted a business volume of Rs 17,350 crore. The board of directors has recommended a dividend of 35 per cent for the year, subject to clearances from RBI.
Send this article to Friends by E-Mail
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |
Copyright © 2002, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|