Federal Bank Q4 net up 96 per cent; recommends 40 per cent dividend
By Our Corporate Bureau | 18 May 2007
Mumbai: Federal Bank has reported a 95.6 per cent growth in its net profit at Rs 99.25 crore for the fourth quarter ended March 2007 as compared to Rs 50.73 crore for the corresponding quarter of the previous fiscal.
The board of directors has recommended a dividend of 40 per cent on equity shares.
Total income rose 38.38 per cent to Rs 636.63 crore for the three months ended March 2007, as against Rs 460.04 crore for the same period in 2006, Federal Bank said in a filing with the Bombay Stock Exchange (BSE).
For the financial year ended March 2007, the bank posted a net profit of Rs 292.73 crore, up 30 per cent, against Rs 225.21 crore for the previous year. Total income increased by over 27 per cent to Rs 2,104.04 crore from R s1,653.48 crore in 2005-06.
Incorporated in 1931, the Kochi-based Federal Bank is one of the oldest private sector banks in India having significant presence in Kerala. The bank has a network of 470 branches as of April 2006. The bank has set up a wholly owned merchant banking subsidiary - Fedbank Financial Services.
Shares of the Federal Bank were last trading at Rs 276.85, up 2.42 per cent on the BSE.
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