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Federal Bank to open branch in Dubai

By Our Special Correspondent

KOCHI MAY 17. The Aluva-based Federal Bank is proposing to open a branch at Dubai. The Bank's chairman, K. P. Padmakumar, told reporters here on Friday that as part of overseas expansion the bank had given an application to the Reserve Bank to open a branch at Dubai and a favourable response was expected.

Releasing the annual results at a press conference here, the chairman said that the bank's net profit had soared past the Rs.100 crore mark. The net profit for the year 2002-03 stood at Rs.105 crores registering a 28 per cent growth compared to the previous fiscal.

The bank's total income grew by six point five eight per cent to Rs.1346, and the increase in total expenses was by 3.86 per cent at Rs.994 crores. Similarly the bank's cost of deposit increased by over one per cent to 7.63 %. The bank's improved performance is reflected in the operating profit which rose by over 15 per cent to cross the Rs.350 crore mark for the first time. In the crucial areaa of NPA management , the bank's focus on reduction of NPA levels has yielded good results, he said.

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