KOCHI, June 15: The Federal Bank Ltd, one of the leading private sector banks, crossed a significant milestone when the total business figures of the bank crossed Rs 10,000-crore mark in 1997-98. Chairman Nandan told a press meet that as against the 19 per cent growth in deposits registered by the banking industry, the bank's deposits grew by 40 per cent in the last fiscal to reach Rs 6,424 crore as on March 98. Under advances, a growth of 31 per cent was achieved taking the total advances to Rs 3,921 crore, as against an industry average growth of 16 per cent. The bank's investments grew by 62.5 per cent to reach Rs 2366 crore.NRI deposits had grown from Rs 1,444.02 crore to Rs 1,805.65 crore registering an increase of 25.04 per cent while the foreign exchange customer business turnover reached Rs 2,721 crore during the financial year.
Priority sector advances as on March 98 amounted to Rs 1,043.2 crore constituting 41.78 per cent of net bank credit against the RBI stipulated target of 40 per cent.Agricultural advances had grown to Rs 317.01 crore, as against Rs 228.80 crore in the previous year, registering a growth of 38.56 per cent, Nandan said.
The total income of the bank rose to Rs 794 crore registering an increase of 22 per cent over the previous year.
While the gross profit went up to Rs 93 crore, an increase of 42 per cent over the previous year ,the net profit of the bank rose to Rs 50.28 crore and net worth to Rs 374 crore, he said.
The year also saw the bank increasing its geographic spread by opening 18 branches including four specialised branches for treasury operations, corporate finance and overseas business. At present the bank was having 395 branches and 12 regional offices, Nandan said.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
