Federal Bank Ltd has recorded a 30.16 per cent increase in net profit for the first half of this year at Rs 237.45 crore over Rs 182.43 crore recorded for the same period, the previous fiscal.
C Thomas Joseph, General Manager, Federal Bank, said the net Non Performing Assets and Return on Average Assets were at 0.54 per cent and 1.24 per cent respectively as on September 30, 2009. As of now, the bank’s gross business was close to Rs. 60,000 crore, he said, adding the bank was targeting a total business of Rs one trillion by 2011.
Mr. Joseph said the bank has also ventured into Life Insurance Business in association with Fortis Insurance International and IDBI in 2008. It is also into bullion sales, offering 99.99 per cent pure imported Suisse Gold coins, in various denominations, under the brand name ‘Federal Bank Pure Gold’. The bank has opened its first overseas representative office in Abu Dhabi.
Federal Bank offers home loans, car loans, personal loans to name a few.