The outstanding agriculture credit was Rs 2,626.95 crore as on March 31. The bank achieved record profitability with a net profit of Rs 500.49 crore for FY 2008-09 against Rs 368.05 crore of FY 2007-08. The total net worth as on March 31 is Rs 4,325.87 crore. The book value of the shares increased from Rs 229.53 to Rs 252.93 as on March 31.

The bank expanded its branch network to 612 and holds licences to open another 60 branches. Delivery channel strength was further reinforced by adding 85 ATMs taking the number of ATMs to 617.

A state-of-the-art contact centre has informally started functioning; it will function as an alternate channel for the customers. Steps are taken for launching phone banking facilities from the centre. Internet banking facilities have been revamped and substantially improved. The bank proposes to start mobile banking services, he said.

Federal Bank has engaged Boston Consulting Group to devise strategies to equip the financial institution to meet emerging challenges. Fedbank Financial Services Limited, the wholly owned subsidiary of the bank, the channel to market retail asset products, has opened offices at 12 centres and is spreading out to major cities of the country.