Federal Bank net up 12.5% at Rs 215 cr

Total income rises 12.14% to Rs 1,665 cr, bank opens 253 branches, 268 ATMs in last 12 months

Federal Bank has posted a 12.52% rise in net profit, at Rs 215.10 crore for the quarter ended September 2012, as against Rs 191.16 crore in the same period of last year.

The bank also improved its half-yearly profit numbers with a net profit of Rs 405.45 crore during H1 of FY 2012-13 as against Rs 337.32 Crore during H1 of FY 2011-12, registering a growth of 20 per cent. The strategy of the bank during the preceding 12 months was to go into aggressive expansion mode -- it opened as many as 253 branches and 268 ATMs. 

The total income for the second quarter went up by 12.14 per cent to Rs 1,665.04 crore from Rs 1,484.79 crore reported for the corresponding period of the previous fiscal. The interest earned for the three months increased by 11.54 per cent to Rs 1,525.63 crore from Rs 1,367.83 crore, a press statement said. 

 

Total business  reached Rs 85,817.25 crore. Total deposits increased to Rs 49,518.07 crore and NRI deposits clocked an increase of 39.26 per cent to Rs 13,119.66 crore. 

Net advances stood at Rs 36,299.18 crore as on 30 September 2012. 
 
Going forward, the bank has planned around aggressive forays into housing loans, gold loans, SME advances and low-cost deposits. It has plans to grow its retail business aggressively and has special concessional offers for housing loans at base rate, innovative gold loan schemes, and mortgage backed product offerings to retail clientele.