Federal Bank reports 18% rise in Q3 consolidated net profit [Banking]
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TL;DR
Federal Bank's consolidated net profit increased by 18% in Q3. The bank, founded in 1931, has grown into a nationwide institution listed on major stock exchanges.
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Bank - PrivateBankingFederal BankQ3 profitbankingfinancial resultsIndia
The history of Federal Bank dates back to the pre-independence era. The Bank was incorporated on April 23, 1931 as the Travancore Federal Bank Limited, Nedumpuram under the Travancore Companies Regulation, 1916. Late K.P. Hormis, the visionary banker and founder took up the reigns in 1945 and built the bank a nationwide institution. The Bank's name was changed to The Federal Bank Limited on December 2, 1949. The Bank was licensed under the Banking Regulation Act, 1949, on July 11, 1959 and became a scheduled commercial bank under the Second Schedule of Reserve Bank of India Act, 1934 on July 20, 1970. Today the bank is present in different States, Delhi NCT and Union Territories and the bank is listed in BSE, NSE and London Stock Exchange.