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| Federal Bank profit up 30% in H1 |
| Press Trust of India / Kochi Nov 03, 2009, 15:50 IST |
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Kerala-based Federal Bank recorded a 30.16 per cent increase in net profit for the first half year at Rs 237.45 crore over Rs 182.43 crore recorded for the first half of last fiscal.
Bank's net profit for last financial year was Rs 500.49 crore and net worth of the bank was over Rs 4,325 crore as on March 31, 2009, C Thomas Joseph, general manager, Federal Bank, told reporters here.
The net NPA and Return on Average Assets were at 0.54 per cent and 1.24 per cent, respectively as on September 30, 2009.
As of now, bank's gross business was close to Rs 60,000 crore, he said, adding the bank was targeting a total business of Rs 1 lakh crore by 2011.
The bank has opened its first overseas representative office in Abu Dhabi.
Joseph said the bank has also ventured into life insurance business in association with Fortis Insurance International and IDBI in 2008. It is also into bullion sales, offering 99.99 per cent pure imported Suisse Gold coins, in various denominations, under the brand name 'Federal Bank Pure Gold'.
As of today, the bank has 669 branches and 680 ATMs spread over important locations in India, supported by 13 regional offices, he said.
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