Forex

Kerala-based private lender, Federal Bank posted a net profit of Rs 368.05 crore during 2007-08.

During the last fiscal, the bank's total business grew by 22.84 per cent to touch Rs 44,818.02 crore, the bank said in a press release after its annual general meeting.

The bank's shareholders also approved a 40 per cent dividend announced by the bank earlier. The deposits were Rs 25,913.36 crore and advances at Rs 18,904.66 crore.

Lending to priority sector accounted for close to 64.63 per cent of the net bank credit as on March 31 this year. Net NPAs were reduced to 0.23 per cent in March this year against 0.44 per cent as on March, 2007.

The bank has raised Rs 2,141 crore through 1:1 rights issue, which ended in January 2008. The book value of the shares increased to Rs 229.53 crore.