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Federal
Bank records 20 per cent rise in net profit
Our
Banking Bureau
30 July 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.
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