Federal Bank has marked its entry into credit card segment through the launch of co-branded credit cards in partnership with SBI Cards, a leading credit card issuer. The bank aims to issue as many as 1.5 lakh credit cards to its customers in the first year of operations.
Initially, two variants - Platinum and Gold’ N More - will be issued under the Visa platform for a specified fee. While the Platinum card variant will come with a fee of Rs 2,999, the fee in the case of Gold N’ More card is Rs 499.
The bank has posted a rise of 1.17% in its net profit at Rs 280.53 crore for the quarter ended March 31, 2015 as compared to Rs 277.29 crore for the same quarter in the previous year. Total income of the bank has increased by 9.77% at Rs 2214.28 crore for quarter under review as compared to Rs 2017.12 crore for the quarter ended March 31, 2014.
