Business Daily from THE HINDU group of publications
Sunday, Jan 27, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Sunday, Jan 27, 2008 ePaper | Mobile/PDA Version |
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Money & Banking
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Financial Performance Corporate Results - Private Banks Federal Bank Q3 net rises 23% at Rs 103 cr 
Our Bureau Kochi, Jan. 26 The net profit of Federal Bank grew 22.7 per cent to touch Rs 102.92 crore for the third-quarter ended December 2007. The bank posted close to 50 per cent growth in interest and other income. Interest expenditure increased by over 67 per cent. The net interest margin was at 3.17 per cent and net interest income grew by 14 per cent. Non-interest income grew 45 per cent to Rs 84.95 crore. The net profit for the first nine months of the current fiscal grew by 37 per cent to Rs 265.19 crore. Advances by the bank grew 28 per cent while deposits grew by 25 per cent. Net NPA stood at 0.29 per cent while capital adequacy stood at 13.12 per cent. The bank also holds a provision against non-performing advances as a percentage at 89 per cent. IDBI Fortis Life Insurance Company, the joint venture formed by Federal Bank with IDBI and Fortis Insurance International, has obtained all statutory approvals from the Insurance Regulatory and Development Authority. The company will commence operations by this fiscal end, a press release stated. The bank’s return on average assets grew to 1.34 per cent while earnings per share stood at Rs 41.31. The book value of the share rose to Rs 206.44. The total business of the bank grew 27 per cent to Rs 40,797 crore. More Stories on : Financial Performance | Private Banks
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