• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Kochi, Oct. 26 The net profit of Federal Bank has grown by 37.24 per cent to touch Rs 95.33 crore (Rs 69.46 crore) during the second quarter of the current fiscal. The operating profit increased by 27.05 per cent to Rs 176.62 crore (Rs 139.01 crore).

Announcing the results in Kochi, the Chairman, Mr M. Venugopalan, said that the bank would be coming out with a 1:1 rights issue at Rs 250 per share, shortly. The shares of the bank closed at Rs 388, up 1.11 per cent on the BSE on Friday. The issued shares of the bank is expected to go up from the current 8.5 crore to 17 crore, post- rights issue and its capital and reserves are expected to add up to over Rs 4,000 crore towards the end of December – making it a billion dollar bank. The prime drivers of the growth in profit were an increase in income from advances, from investments, and from non-interest income. The increase in interest expenses could be limited and growth in total expenses was contained at 35.41 per cent, Mr Venugopalan said.

More Stories on : Private Banks | Financial Performance

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Scale-up of business segments drives ITC Q2 net 13% higher

Copyright © 2007, 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