Federal Bank Inks Pact With Saudi Arabia Based Bank (05-Jul-2012)
Federal Bank, a Kerala-based private sector bank has inked pact with Samba, the Saudi Arabia-based bank for disposal of cash remittances. As per the deal remittances received through the Samba Bank under 'SpeedCash Now' can be en-cashed by the recipients from any of the Federal Bank branches up to Rs 50,000 per remittance. The bank through 67 remittance tie ups with major exchange houses and banks is having its presence in inward remittance in Gulf countries.
The bank has registered a growth of 38.38% in its net profit at Rs 237.63 crore for the fourth quarter ended March 31, 2012 as compared to Rs 171.72 crore for the same quarter in the previous year. Total income has increased by 32.09% at Rs 1639.57 crore for quarter under review as compared Rs 1241.21 crore for the quarter ended March 31, 2011.
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