Business

Federal Bank Q1 net profit at Rs. 68 crore

KOCHI: Aluva-based Federal Bank has reported impressive results for the first quarter ended June 30, 2008, and has logged a net profit of Rs. 68.15 crore, a release issued here on Thursday said.

In the first quarter of the current fiscal, the operating profit increased by 34.5 per cent to Rs. 253.52 crore and the net profit by 1.81 per cent to Rs. 68.15 crore on a year-on-year basis, despite increased provisions on investments, the release said.

Total income increased by 27.5 per cent from Rs. 659.70 crore to Rs. 841.33 crore, supported by a 32.7 per cent growth in total business.

The total business of the bank crossed Rs. 47,000-crore mark.

The bank exhibited consistent growth in profitability and in net interest income during the period, the release claimed. Net interest income increased by 47.4 per cent to Rs. 278.19 crore.

Net interest margin (NIM) increased from 3.49 per cent as on March 31 this year to 3.80 per cent on July 30.

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