Federal Bank Q4 net up 95 per cent

Federal Bank's net profit for the quarter ended March 31, 2007 increased by 95 per cent to Rs 99.25 crore from Rs 50.73 a year earlier, while its profit for the year ended March 31 increased to Rs 292.73 crore from Rs 225.21 crore last year.

Its net interest income was up 32.36 per cent to 227.96 crore in the fourth quarter from Rs 172.22 crore a year earlier, while other income rose 51.10 per cent to Rs 105.36 crore during the quarter from Rs 69.73 crore.

The Kerala-based bank has announced its plans to go ahead with a rights issue of one equity share for every share held for raising additional capital for further expansion. The capital adequacy of the bank as on March 31, 2007 stood at 13.43 per cent.

The bank is also in the process of reviving its subsidiary Fedbank Financial Services which will act as the direct selling agent of the bank.

The net and gross non-performing advances (NPAs) as on March 31, 2007 as a percentage to advances were at 2.95 per cent and 0.44 per cent, respectively.