CCEA approves foreign investment in Federal Bank to 74%

21 Jan 2014 Evaluate

The Cabinet Committee on Economic Affairs (CCEA) has approved the proposal of Federal Bank for increase in foreign investment to 74 percent subject to the aggregate Foreign Institutional Investors’ (FIIs) shareholding not exceeding 49 percent of the paid up equity share capital of the bank. The approval would result in foreign investment of approximately Rs 1,400 crore in the country.

The bank has reported 9.18% rise in its net profit at Rs 230.13 crore for third quarter ended December 31, 2013 as compared to Rs 210.78 crore for the same quarter in the previous year. Total income of the bank has increased by 9.86% at Rs 1895.92 crore for quarter under review as compared to Rs 1725.62 crore for the quarter ended December 31, 2012.

The bank’s gross NPA for the December 31, 2013 quarter of the current fiscal stood at 2.83%, as compared to 3.85% in the same quarter of the previous year. Besides, bank’s Net NPA stood at 0.86% as compared to 0.92% in the same quarter of the previous year.

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