Federal Bank to open representative office in Dubai

04 Jun 2014 Evaluate

Federal Bank has received an approval to open a representative office of the bank in Dubai, UAE. The bank has received the approval from the Reserve Bank of India (RBI) vide its letter dated May 27, 2014.

The bank has reported a rise of 24.93% in its net profit after tax at Rs 277.29 crore for the quarter ended March 31, 2014 as compared to Rs 221.94 crore for the same quarter in the previous year. Total income of the bank has increased by 13.30% at Rs 2017.12 crore for quarter under review as compared to Rs 1780.31 crore for the quarter ended March 31, 2013.

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