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Saturday, August 18, 2012

Federal Bank opens 1,000th branch

Federal Bank has crossed a milestone with the opening of its 1,000th branch at Thiruvalla in Kerala on Friday.

The launch at Muthoor coincided with the first day of Malayalam calendar year, Chingam 1, 1188. It was on the same day that Federal Bank had begun its journey with the opening of its first branch.

The Bank has gained the distinction of being the first among banks headquartered in Kerala to cross the 1,000-branches mark. It has 542 branches in Kerala and 458 branches spread over the other states, Shyam Srinivasan, Managing Director and CEO, Federal Bank said.

On the sidelines of the inauguration, he said the bank its resolve to donate 1,000 units of blood in association with Indian Medical Association during August 17 to October 18, when the bank would celebrate its founder’s day.

The business size of the bank stands over Rs 88,000 crore as on June 30.

The total deposits increased by 17.75 per cent from Rs 42,936 crore to Rs 50,558 crore as on June 30. CASA deposits constitute 28.35 per cent of its deposit mix.

The net advances went up by 18.99 per cent to Rs 38,240 crore as on June 30 from Rs 31,972 crore. This growth was contributed by SME, corporate advances and retail segments, he said adding that the bank has a net worth of Rs 5,897 crore, making it one among the top league of strong banks in India.


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