Financial Daily from THE HINDU group of publications
Thursday, Jul 17, 2003
Financial Daily from THE HINDU group of publications Thursday, Jul 17, 2003 |
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Money & Banking
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Financial Performance Corporate Results - Private Banks Federal Bank Q1 net rises 115 per cent Our Bureau
Kochi , July 16 THE net profit of the Aluva-based Federal Bank grew by 115 per cent to touch Rs 37.43 crore for the quarter ending June 30, 2003, as against the Rs 17.47 crore recorded during the corresponding quarter of the previous year. While the total income of the bank grew by 19.78 per cent to Rs 365.86 crore (Rs 305.45 crore), the total expenses grew by just 2.45 per cent to 254.71 crore (Rs 248.13 crore). This enabled the bank's operating profit to grow by 94 per cent to Rs 111.65 crore (Rs 57.32 crore), a fax from the bank has said. The bank's total income from advances in the first quarter increased by 5.82 per cent to 175.62 crore (Rs 165.87 crore). The bank's total deposits grew by 20.74 per cent to Rs 10,960 crore, while the total advances grew by 27.15 per cent to Rs 6,267 crore. As per the prudent policy of the bank, it has made additional provisions for NPAs over and above those stipulated by the RBI norms. Net NPAs have fallen from Rs 307.81 crore as on March 2003 to Rs 280.04 crore, thus bringing down the net NPA to advances to 4.47 per cent from 4.95 per cent. With the net worth of the bank growing to Rs 567 crore, the book value per shares has increased from Rs 243.77 to Rs 261.
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