Kerala-based Federal Bank Ltd has announced the results for the year and the three months period ended on March 31, 2008.

The bank has recorded a 29.55% increase in its operating profit, which stood at Rs 794.12 crore for the twelve-month period ended March 31, 2008, as against the corresponding period of the last year.

The net profit for the fiscal zoomed by 25.73% to Rs 368.05 crore on a yearly basis.     

Mr. M Venugopalan, Federal Bank Ltd Chairman, said that the bank’s total income for the year ended on March 2008, climbed up 38.33% from Rs 2,104.04 crore to Rs 2,910.43 crore, backed by a 22.85% development in overall business.     

During fiscal 2007-08, the total business of the bank increased to Rs 44,819 crore, as compared to Rs 36,483 crore in the last year.

“The bank has once again exhibited consistent growth in profitability and in net interest income during the last fiscal,” Mr. Venugopalan said.

During the same period, the bank’s Earnings per Share (EPS) and Book value per share augmented to Rs 32.42 and Rs 229.53 respectively as on March 2008 from Rs 34.20 and Rs 175.48 as on March 2007.

Moreover, the bank saw a growth of 21.15% to Rs 868.01 crore, in its net interest income, while its net interest margin (NIM) zoomed to 3.49% from 3.47%.

The income of the bank got a fillip from consistent growth in asset quality and profitability ratio, Mr. Venugopalan added.

He also said that the ratio of net NPA, return on assets, and capital adequacy stood at 0.23%, 1.34% and 22.46% respectively.     

For the quarter ended March 31, the bank posted a net profit of Rs 102.86 crore, as against Rs 99.25 crore during the same quarter in 2007.

Total income for the fourth quarter ascended to Rs 842.06 crore from Rs 636.63 crore in the year-ago period.

The Board of Directors of the bank declared dividend of 40% to the shareholders. The bank will pursue aggressive business growth chances and is looking for a total business of Rs.1 lakh crore by the next three years (2011).