Kerala - Kochi   

Federal Bank declares 40% dividend

KOCHI: The 76th Annual General Meeting of Federal Bank held at Aluva has declared a dividend payment of 40 per cent to the shareholders. The bank paid 35 per cent dividend last year.

Chairman and CEO of the bank M Venugopalan, who presided over the meeting, said the AGM adopted the audited financial results of the bank for FY 2006-07 along with the Directors’ Report. P.C. Cyriac, former Chairman of Rubber Board was re-elected to the board. The meeting also elected Abraham Koshy and P. Surendra Pai as directors of the bank. The Chairman said the total business of the bank grew by 23.19 per cent to Rs. 36483.54 crore.

At the end of March 2007, the bank had a total deposit of Rs.21584.44 crore and total advances of Rs.14899.10 crore. The bank’s lending to the priority sector as on March 31, 2007 accounted for 43.90 per cent of the net bank credit.

The outstanding agriculture credit increased from Rs.1,410 crore as on March 2006 to Rs.2281 crore as on March 2007. The bank achieved record profitability with a net profit of Rs.292.73 crore against Rs.225.21 crore of FY 2006. Net NPAs were reduced to 0.44 per cent as compared to 0.95 per cent at the end of March 2006.

As on March 2007 NRI deposits of the bank stood at Rs.5514 crore.

In order to cater to the fund transfer requirement of the NRIs, the bank has arrangements with 20 exchange houses and eight banks offering seamless direct remittance facility to Federal Bank branches. Federal Bank’s shares are actively traded at NSE and BSE.

The GDR issued are listed at the London Stock Exchange. Total net worth of the Bank as on March 31, 2007 stood at Rs.1502.21 crores. The Book value of the shares of the bank increased from Rs.146.03 to Rs.175.48.

During 2006-07, the bank expanded its branch network to 536 by opening 32 new branches and adding 32 branches of erstwhile Ganesh Bank of Kurundwad Ltd.

Delivery channel strength was further reinforced by adding 71 ATMs taking the total number of ATMs to 391 as on March 31,2007.

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