Federal Bank gets nod for foreign equity participation upto 74%

25 Feb 2014 Evaluate

Federal Bank has received an approval from Cabinet Committee of Economic Affairs (CCEA) on February 12, 2014 for foreign equity participation upto 74% of the paid up capital of the Bank, with sub-limit of 49% by FII's and 24% for NRI's.

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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