Federal Bank Records 20% Rise In Q1 Net

Kochi, July 26 | Updated: Jul 28 2004, 04:50am hrs
Federal Bank has clocked a 20 per cent jump in its net profit for the first quarter of this fiscal, registering Rs 45.03 crore against Rs 37.43 crore during the same period last year.

A bank statement said the total income was up 1.8 per cent to Rs 372.5 crore from Rs 365.9 crore and total expenses were down to Rs 254.1 crore from Rs 254.2 crore. The operating profit increased from Rs 111.7 crore to Rs 118.3 crore. Deposits were up by 17.8 per cent to Rs 12,915 crore and advances by 28.6 per cent to Rs 7,988 crore.

The bank succeeded in bringing down its cost of deposit to 5.3 per cent from 6.24 per cent in March. The net non performing assets (NPAs) decreased from 2.9 per cent to 2.3 per cent.

The book value per share touched Rs 318.6 and earnings per share improved to Rs 82.6.

Per employee business was Rs 3.3 crore and profit per employee Rs 2.8 lakh. Return on average total assets increased to 1.3 per cent from 1.0 as on March 2004. The bank had got all its 443 branches interconnected and had a network of 230 ATMs.

It would be opening 35 new branches this fiscal raising the ATM level to 400. As a result, 52 per cent of the cash withdrawals was through ATMs.