Federal Bank's net goes down

However, the bank clocks consolidated annual net profit of Rs 838 cr, registering a growth of 7.9% during FY13

Federal Bank recorded a 6.59 per cent fall in net profit for the quarter ended March 31 at Rs 221.94 crore, down from Rs 237.60 crore in the corresponding quarter of the previous financial year. Operating profit also recorded a negative growth of 0.79 per cent at Rs 369.47 crore against Rs 372.43 crore in Q4 of FY12. The bank clocked consolidated annual net profit of Rs 838.17 crore, registering a growth of 7.90 per cent during FY13.

It also crossed an important milestone of Rs 1 lakh crore business mix during the last quarter of the financial year.

The bank's retail, small and medium enterprises (SMEs) and non-resident Indian (NRI) franchises were the key drivers of growth during the year. Retail advances grew 25.47 per cent during the financial year to reach Rs 13,328 crore. Retail deposits grew 17.45 per cent to reach Rs 48,484 crore.

Total business touched the Rs 1-lakh crore mark at Rs 101,711.57 crore, showing an increase of 17.32 per cent on a year-on-year basis.

Total deposits rose 17.73 per cent from Rs 48,937.12 crore as on March 31, 2012 to Rs 57,614.86 crore in March 2013.

Non-resident (external) account deposits clocked an increase of 65.21 per cent to reach Rs 13,156.98 crore.

Net advances went up by 16.79 per cent from Rs 37,755.99 crore as on March 31, 2012 to Rs 44,096.71 crore in March 2013.

The bank's board of directors recommended a dividend of Rs 9 per equity share of Rs 10 for the year ended March 31, 2013, which is the same as that for FY12.

The bank's gross non-performing assets (NPA) and net NPA stood at 3.44 per cent and 0.98 per cent, respectively, at the end of March 2013.