Federal Bank records 20 per cent rise in net profit
By Our Banking Bureau | 30 Jul 2004
Federal
Bank has recorded a 20 percent rise in net profit for
the first quarter of the year notching up Rs45.03 crore
as against Rs37.43 crore in the same period of the previous
year.
The total income of the bank increased by 1.8 per cent from Rs365.86 crore to Rs372.46 crore in the first quarter of the current fiscal year. The total expenses decreased to Rs254.14 crore from Rs 254.21 crore.
The bank''s deposits rose by 17.83 per cent to reach Rs12,915 crore and advances by 28.61 per cent to reach Rs7,988 crore compared to corresponding period of the previous year.
The gross NPA of the bank has come down from 7.44 per cent in March 2004 to 7.20 per cent in June. The bank was able to reduce its cost of deposit to 5.30 per cent from 6.24 per cent in March 2004.
