Federal Bank declares 40% dividend

Kochi, July 21 (UNI) The Federal Bank today declared 40 per cent dividend for 2007-08 with the total business of the bank growing by 22.84 per cent to Rs 44,818.02 crore.

The Annual General Meeting (AGM), presided by Chairman and CEO M Venugopalan, also adopted the audited financial results of the Bank for FY 2007-08 along with the Directors Report.

Mr Venugopalan said at the end of March 2008, the bank had total deposits of Rs 25,913.36 crore and total advances of Rs 18,904.66 crore.

It achieved a record net profit of Rs 368.05 crore against Rs 292.73 crore in the previous year.

Net NPAs were down to 0.23 per cent as compared to 0.44 per cent at the end of March, 2007.

UNI ARC GM 1551