Kochi: The Aluva based Federal Bank, one of the leading private commercial banks in the country, has crossed a milestone in branch expansion with the launch of its 1000th branch at Muthoor in Kerala on August 17, 2012. With this, Federal Bank has become the first Kerala based bank to cross the 1000 branch mark. The bank has 542 branches in Kerala and 458 branches spread over 24 other States.
Union Minister for Overseas Indian Affairs, Shri Vayalar Ravi carried out the virtual inauguration of the new branch at a function held at Dr. Alexander Marthoma auditorium at Thiruvalla. The launch at Muthoor, also 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.
Speaking on the occasion, Shyam Srinivasan, MD & CEO, Federal Bank said, “With a business size of over Rs.88,000 crores as on June 30 this year, Federal Bank commands a leading position among private sector players in India. We aim to become a dominant player in the Indian banking sector, establishing a significant presence in select States and segments.”
Federal Bank has registered a quarterly profit of Rs.190.35 crore as on June 30, 2012. “The bank has a net worth of Rs.5,897 crores, making it one among the top league of strong banks in India. The bank has been working on its transformation and adopting contemporary management techniques”, he added.
P C Cyriac, Chairman, Federal Bank; Shri Mathew T Thomas, MLA and senior Bishops were among those present on the occasion.
Kerala Biz News