Federal Bank approves 35 per cent dividend

Kochi, Sep 18 (UNI) The Annual General Meeting (AGM) of the Kerala-based Federal Bank today approved a dividend of 35 per cent on a record net profit of Rs 225.21 crore during 2005-06.

This was a ten per cent increase over the 25 per cent dividend declared during 2004-05 fiscal year, Federal Bank Chairman M Venugopalan said at the bank's 75th AGM at its headquarters Aluva, near here.

Mr Venugopalan said the bank's profits during 2005-06 marked a 150 per cent increase over the previous fiscal.

As of March, 2006, the bank's total business stood at Rs 29, 615 crore, which consisted of Rs 17,879 crore in deposits and Rs 11,726 crore in advances.

The NRI deposits stood at Rs 4,921 crore, he said.

The meeting later adopted the audited accounts for 2005-06.

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