Federal Bank jumps on merger buzz; bank dismisses reports

5 Sep 2022 , 01:10 PM

Reacting to the media report claiming its merger with Kotak Mahindra Bank, Federal Bank clarified that the report is speculative in nature. In an exchange filing today, it said that there was no such information available with the company. Earlier, the media reports suggested that the top management of both the banks met for a potential merger deal. Federal Bank operates through four segments: treasury, corporate or wholesale banking, retail banking and other banking operations. The bank had 1291 branches, 1860 ATMs/ Recyclers as on 30th June 2022. Federal Bank posted a 63.5% rise in standalone net profit to Rs 600.66 crore in Q1 FY23 from Rs 367.29 crore in Q1 FY22. Total income grew 1.94% to Rs 4081.48 crore in Q1 FY23 compared with Rs 4003.97 crore in Q1 FY22. Powered by Capital Market – Live News