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Federal Bank Ltd has informed BSE that the shareholders of the Bank have approved the Special Resolution by postal ballot to amend certain Articles in the Articles of Association of the Bank and provide for a Part Time Chairman of the Board of Directors and a separate Chief Executive Officer / Managing Director responsible for day-to-day management of the Bank in compliance with the RBI letter dated May 24, 2007 and the report of the Consultative Group of Directors of Banks / Financial Institutions (Dr. Ganguly Group) on Corporate Governance.

Federal Bank Ltd has announced the following Audited results for the quarter & year ended March 31, 2008:

The results for the Quarter ended March 31, 2008

The Bank has posted a net profit of Rs 1028.60 million for the quarter ended March 31, 2008 as compared to Rs 992.50 million for the quarter ended March 31, 2007. Total Income has increased from Rs 6366.30 million for the quarter ended March 31, 2007 to Rs 8420.60 million for the quarter ended March 31, 2008.

The results for the Year ended March 31, 2008

The Bank has posted a net profit of Rs 3680.50 million for the year ended March 31, 2008 as compared to Rs 2927.30 million for the year ended March 31, 2007. Total Income has increased from Rs 21040.40 million for the year ended March 31, 2007 to Rs 29104.30 million for the year ended March 31, 2008.

The Consolidated results are as follows:

The consolidated results for the Year ended March 31, 2008

The Group has posted a net profit of Rs 3600.70 million for the year ended March 31, 2008 as compared to Rs 2927.50 million for the year ended March 31, 2007. Total Income has increased from Rs 21040.40 million for the year ended March 31, 2007 to Rs 29104.30 million for the year ended March 31, 2008.

Federal Bank Ltd has informed BSE that the Board of Directors of the Bank will adopt the annual accounts for the financial year 2007-08 on audited basis.

The Bank is exercising to submit Audited financial results for the entire financial year 2007-2008 which is expected to be completed by May 2008 and Bank will not be publishing Un-audited results for the quarter ended March 31, 2008.

Federal Bank Ltd has informed BSE that in the limited review report of the Bank for the quarter ended December 31, 2007, the Auditors of the Bank have made the following observations:

“The effects if any, as consequent of the unadjusted items in inter-branch / office transactions as on December 31, 2007 is not considered in the statement.”