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Federal
bank net up Rs 136 crore
Our
Banking Bureau
22 May 2004
 Kochi:
Federal Bank, one of the leading privet sector banks of
the country, has registered 30 per cent growth in its
net profit at Rs136 crore for the year 2003-04 against
Rs105 crore during the previous financial year. Gross
profit have grown by 24 per cent to Rs436.74 crore. The
total deposits bank grew by 23 per cent to Rs13,476 crore,
even as the advances grew by 24 per cent to Rs7,700 crore.
"The
total business volumes has grown by 23 per cent and the
bank has been able to record a business volume of Rs21,177
crore breaching the Rs20,000 crore mark for the first
time," K P Padmakumar, chairman, Federal Bank, said
at a press conference here.
The
bank has targeted a 22 per cent growth in deposits to
Rs16,381 crore for the current fiscal, while the advances
is also expected to grow by 22 per cent to Rs9,414 crore,
he said.The target for gross profit is Rs500 crore, while
the net profit is expected to breach the Rs200 crore level.
Total
income grew by 10.7 per cent to touch Rs1,489.92 crore
from Rs1,345.89 crore, the increase in total expense 5.9
per cent at Rs1,053.18 crore. The bank's cost of deposits
decreased from 7.63 per cent to 6.24 per cent.
Non-performing
assets were brought down from Rs307.81 crore to Rs 222.75
crore, bringing it down from 4.95 per cent to 2.89 per
cent. The Bank's net worth has grown to Rs648.84 crore
and the book value per share increased from Rs243.77 to
Rs298.24. Earnings per share also increased from Rs48.36
to Rs62.65 during the year. The return on average assets
breached the one per cent mark and was 1.03 per cent.
Business
per employee has grown to Rs3.27 crore from Rs2.70 crore,
while the income per employee has grown to Rs2.14 lakh
from Rs1.69 lakh. The capital adequacy ratio has grown
to a comfortable 11.48 per cent against the RBI mandated
level of nine per cent.
Padmakumar,
said that the bank, which has 440 branches, plans to open
another 35 branches during the current year. The bank
had a network of 220 ATMs and planned to increase it to
400 during the fiscal. The bank has made arrangements
for sharing ATM network and issuing co-branded credit
cards with ICICI Bank.
The
bank has proposed, subject to Reserve Bank of India approval,
a higher dividend of 70 per cent against 40 per cent declared
last year. The IT-enabled delivery channels being  employed
by the bank include internet banking, anywhere banking,
telebanking, bill payment, e-mail and mobile alerts. These
services are available to even rural customers.
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