Federal Bank has signed a Memorandum of Understanding (MoU) with Tata Motors for financing Tata’s commercial vehicles through an alliance partnership. This partnership can be termed as a strategic alliance between one of the major private sector banks having 823 branches across India and the biggest vehicle manufacturer having more than 60% market share in commercial vehicle segment of our country.
The bank’s net profit for the quarter rose 36.15% at Rs 191.16 crore as compared to Rs 140.40 crore for the quarter ended September 30, 2010. Its net sales increased by 32.29% to Rs 1484.79 crore for the quarter under review from Rs 1122.38 crore for the similar quarter of the previous year.
Federal Bank is the fourth-largest private lender in the country and the largest in Kerala, with a balance sheet of Rs 81,000 crore as of September 30, 2011.
