Federal Bank announces 66 per cent increase in Q1 profits

Kochi, July 27 (UNI) Federal Bank today announced a nearly 66 per cent growth in its operating profit in the first quarter of this financial year to Rs 188.43 crore from Rs 113.73 crore in the corresponding quarter last year.

In a release here, the bank said that for the quarter ended June 30, 2007, it earned a total income of Rs 659.70 crore as against Rs 462.52 crore for the corresponding quarter in the fiscal 2006.

The interest income increased from Rs 408.27 crore to Rs 559.22 crore.

The other income showed a growth of 85.22 per cent from Rs 54.25 crore to Rs 100.48 crore during the first quarter on an year-on-year basis.

The total business of the bank reached Rs 35,561.20 crore, with an increase of Rs 5,172.18 crore over the corresponding quarter of the previous fiscal. Deposits increased by Rs 2,437.98 crore to Rs 20,893.43 crore, while advances went up by Rs 2,734.20 crore to Rs 14,667.77 crore.

The bank said that with the advent of the Onam season, it had lined up a gamut of new products for its customers. The bank was venturing into the sale of gold coins, under the brand 'Federal Pure Gold' from August 17.

It would also launch a 'Health Card' for its customers for ensuring cashless dealings at some major hospitals across the State.

UNI