Federal Bank Q3 net up 23%
Private sector Federal Bank announced on Friday an increase of 22.76% in net profit for the third quarter of 2007-08, compared to the third quarter of the last FY. The bank recorded a net profit of Rs 102.92 crore from an income of Rs 733.61 crore (a growth of 47.15%). Net profit for the nine months of the current FY is at Rs 265.19 core. For the nine months of the current FY, the bank earned a total income of Rs 2,068.37 crore, registering a growth of 40.95 %, as against Rs 1,467.41 crore for the corresponding period in the previous fiscal. Total business of the bank reached Rs 40,797 crore, showing an increase of 26.75 % from the corresponding period of the previous fiscal, while total deposits increased by 25.70 % to Rs 23,335 crore. The impressive growth in total income was due to the increase in income from advances, income from investments and non-interest income.
Higher provisioning pushes down UCO net
UCO Bank has reported a 15% increase in the net profit for the nine months to December 31, 2007, even as higher provisioning pushed down the net profit for the latest quarter by 7% on the figures for the corresponding period of the previous year. The bank said net profit was Rs 326 crore for the nine months, against Rs 285 crore for the same period of 2006-07. However, for the quarter to December 31, 2007, UCO reported a net profit of Rs 83 crore, down from Rs 123 crore in the same quarter of the previous year. NK Goel, chairman and managing director, the net profit for the third quarter has dipped due to increase in provisioning. The provisioning towards upgradation of accounts is Rs 22 crore and that for taxation is Rs 34 crore. The total business touched Rs 1,22,262 crore on December 31, 2007, from Rs 1,01,167 crore last year. Total deposits increased by Rs 14,170 crore or 24% to 72,402 crore at the end of the nine month period.
Goel said the bank is considering a follow-on public offer by March, or a QIP, whichever is more economical. It plans to raise more than Rs 90 crore from the market.