Federal Bank, Kerala based private sector lender is likely to open 100 new branches at one go on March 10, 2012. The bank plans to hire 2,000 people for this expansion. It aims to raise the number of branches up to 1,000 by mid 2012. These new branches will take the total network size of Federal bank’s branches to 935. Majority of the branches will be opened outside Kerala.
The bank’s net profit for the quarter ended December 31, 2011 has registered growth of 41.07% at Rs 201.87 crore as compared to Rs 143.10 crore for the quarter ended December 31, 2010. Bank’s total income has increased by 40.33% at Rs 1604.76 crore for the quarter ended December 31, 2011 from Rs 1143.57 million for the similar quarter of the previous year.
