REG - Federal Bank Ltd The - 1st Quarter Results <Origin Href="QuoteRef">FED.NS</Origin>
06/09/2014 20:26
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RNS Number : 1098N
Federal Bank Ltd (The)
23 July 2014
SDF-24/ /2013-14
22nd July 2014
London Stock Exchange
Dear Sir,
We enclose the Limited Review Report (LRR) of the Auditors of the Bank for the
quarter ended 30th June 2014, which was approved at the Bank's Board of
Directors meeting, held on 16th July 2014.
Kindly take the same on your record.
Thanking you,
Yours faithfully,
COMPANY SECRETARY
Encl: as above
DeloitteHaskins& Sells M P Chitale & Co.
Chartered AccountantsWilmont Park Business Centre1st Floor, Warriam RoadKochi - 682 016INDIA Chartered Accountants
First Floor, Hamam House
Ambalal DoshiMarg, Fort
Mumbai - 400 001
INDIA
Tel: +91 484 2353694Fax: +91 484 2380094 Tel: +91-22-22651186
Fax:+91-22-22655334
INDEPENDENT AUDITORS' REVIEW REPORT
TO THE BOARD OF DIRECTORS OF
THE FEDERAL BANK LIMITED
1. We have reviewed the accompanying statement of Unaudited Financial
Results of THE FEDERAL BANK LIMITED ("the Bank") for the quarter ended30th
June, 2014 ("the Statement")being submitted by theBank pursuant to Clause 41
of the Listing Agreements with the Stock Exchanges, except for the disclosures
referred to in paragraph 6 below. This Statement is the responsibility of the
Bank's Management and has been approved by the Board of Directors. Our
responsibility is to issue a report on the Statement based on our review.
2. We conducted our review of the Statement in accordance with the Standard
on Review Engagements (SRE) 2410,'Review of Interim Financial Information
Performed by the Independent Auditors of the Entity',issued by the Institute
of Chartered Accountants of India. This Standard requires that we plan and
perform the review to obtain moderate assurance as to whether the Statement is
free of material misstatement. A review is limited primarily to inquiries of
the Bank personnel and analytical procedures applied to financial data and
thus provides less assurance than an audit. We have not performed an audit and
accordingly, we do not express an audit opinion.
3. In the conduct of our review, 56 branches have been reviewed by one of
usand we have relied on the review reports in respect of returns including
non-performing assets received from the branch auditors of 34 branches,
specifically appointed for this purpose by the bank. These review reports
cover 54 Percent of the advances portfolio of the bank. Apart from these
review reports, in the conduct of our review, we have also relied upon various
returns received from the branches of the bank.
4. Based on our review conducted as stated above, nothing has come to our
attention that causes us to believe that the accompanying Statement, prepared
in accordance with the Accounting Standards specified under the Companies Act,
1956 (which are deemed to be applicable as per Section 133 of the Companies
Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014) and other
accounting principles generally accepted in India, has not disclosed the
information required to be disclosed in terms of Clause 41 of the Listing
Agreements with the stock exchanges, including the manner in which it is to be
disclosed, or that it contains any material misstatement or that it has not
been prepared in accordance with the relevant prudential norms issued by the
Reserve Bank of India in respect of income recognition, asset classification,
provisioning and other related matters.
….2
Deloitte Haskins & Sells M P Chitale & Co.
: 2 :
5. Attention is drawn to Note No.3 of the Statement regarding proportionate
charge of pension liability of the bank amounting to ` 842Lakhsfor the quarter
ended 30thJune, 2014 and the balance unamortised liability of ` 2526 Lakhs as
at 30th June, 2014, pursuant to the exemption granted by the Reserve Bank of
India and made applicable to the Bank vide letter no. DBODNo.BP.BC.15896 /
21.04.018 / 2010-11 dated April 8, 2011, from the application of the
provisions of the Accounting Standard (AS) 15, Employee Benefits.
Our conclusion is not qualified in respect of this matter.
6. Further, we also report that we have traced the number of shares as well
as the percentage of shareholding in respect of the aggregate amount of public
shareholding, and the number of shares as well as the percentage of shares
pledged/encumbered and non-encumbered in respect of the aggregate amount of
promoters and promoter group shareholding in terms of Clause 35 of the Listing
Agreements with the Stock Exchanges and the particulars relating to investor
complaints disclosed in the Statement, from the details furnished by the
Registrars. The "Pillar 3 disclosures under Basel III Capital Regulations"
disclosed on the Bank's website and in respect of which a link has been
provided in the Statement have not been subjected to our review.
For DELOITTE HASKINS & SELLS For M P CHITALE & CO.
Chartered Accountants Chartered Accountants
(Firm's Registration No.008072S) (Firm's Registration No. 101851W)
M. Ramachandran Anagha N. Thatte
Partner Partner
(Membership No.16399) (Membership No.105525)
KOCHI, 16 July, 2014.
THE FEDERAL BANK LIMITED
REGD.OFFICE: P.B.NO. 103, FEDERAL TOWERS, ALUVA-683101
(CIN: L65191KL1931PLC000368)
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 30th JUNE 2014
(` in Lakhs)
Particulars Quarter ended Year ended 31.03.2014
30.06.2014 31.03.2014 30.06.2013
Unaudited Audited (Refer note 7) Unaudited Audited
1. Interest earned (a)+(b)+(c)+(d) 177,150 183,871 165,326 694,608
(a) Interest/discount on advances/bills 129,987 123,794 124,206 501,108
(b) Income on Investments 45,819 48,080 39,705 177,683
(c) Interest on balances with Reserve Bank of India and other inter bank funds 1,251 1,746 1,324 5,236
(d) Others 93 10,251 91 10,581
2. Other Income 15,654 17,841 21,579 69,385
3. TOTAL INCOME (1+2) 192,804 201,712 186,905 763,993
4. Interest expended 120,728 121,363 114,365 471,747
5. Operating Expenses (i)+(ii) 36,923 38,345 33,486 144,207
(i) Employees Cost 20,443 20,090 18,351 77,154
(ii) Other operating expenses 16,480 18,255 15,135 67,053
6. TOTAL EXPENDITURE (4)+(5) 157,651 159,708 147,851 615,954
(excluding Provisions and Contingencies)
7. OPERATING PROFIT (3-6) 35,153 42,004 39,054 148,039
(Profit before Provisions and Contingencies)
8. Provisions (other than Tax) and Contingencies 2,208 5,503 23,510 26,840
9. Exceptional Items - - - -
10. Profit from Ordinary Activities before tax 32,945 36,501 15,544 121,199
(7-8-9)
11. Tax expense 10,922 8,772 4,978 37,310
12. Net Profit from Ordinary Activities after tax (10-11) 22,023 27,729 10,566 83,889
13. Extraordinary items (net of tax expense) - - - -
14. Net Profit for the period (12-13) 22,023 27,729 10,566 83,889
15. Paid-up Equity Share Capital 17,107 17,106 17,106 17,106
(Face value ` 2/- each)
16. Reserves excluding Revaluation Reserve - - - 677,452
17. Analytical Ratios
(i) Percentage of shares held by Government of India NIL NIL NIL NIL
(ii) Capital Adequacy ratio (%)
Under Basel III 15.16 15.14 14.27 15.14
(iii) Earnings per Share (EPS) (in `)
(a) Basic and diluted EPS before Extra ordinary Items 2.57* 3.24* 1.24* 9.81
(b) Basic and diluted EPS after Extra ordinary Items 2.57* 3.24* 1.24* 9.81
(iv) NPA Ratios
a) Gross NPA 101,643 108,741 148,325 108,741
b) Net NPA 30,389 32,156 37,362 32,156
c) % of Gross NPA 2.22 2.46 3.51 2.46
d) % of Net NPA 0.68 0.74 0.91 0.74
(v) Return on Assets (%) 0.30* 0.38* 0.15* 1.20
18. Public Shareholding:
Number of Shares (in Lakhs) 8,365.62 8,342.86 8,383.90 8,342.86
Percentage of shareholding # 97.80 97.54 98.02 97.54
19. Promoters and Promoter group share holding
(a) Pledged/Encumbered
- Number of Shares NIL NIL NIL NIL
- Percentage of Shares (as a % of the total shareholding of promoter and promoter group) NIL NIL NIL NIL
- Percentage of Shares (as a % of the total share capital of the company) NIL NIL NIL NIL
(b) Non-encumbered
- Number of Shares NIL NIL NIL NIL
- Percentage of Shares (as a % of the total shareholding of promoter and promoter group) NIL NIL NIL NIL
- Percentage of Shares (as a % of the total share capital of the company) NIL NIL NIL NIL
* Not annualised
# excludes shares held by custodian against which Global Depository Receipts issued.
Segment Information@
(` in Lakhs)
Particulars Quarter ended Year ended
30.06.2014 31.03.2014 30.06.2013 31.03.2014
Unaudited Audited Unaudited Audited
(Refer note 7)
Segment Revenue:
Treasury 53,430 55,930 53,376 211,792
Corporate/Wholesale Banking 55,626 47,735 57,985 223,340
Retail Banking 82,931 86,627 74,580 314,658
Other Banking operations 817 11,420 964 14,203
Unallocated - - - -
Total Revenue 192,804 201,712 186,905 763,993
Less: Inter Segment Revenue - - - -
Income from Operations 192,804 201,712 186,905 763,993
Segment Results (net of provisions):
Treasury 7,881 2,003 10,721 14,990
Corporate/Wholesale Banking 12,503 4,087 (4,957) 29,162
Retail Banking 12,445 20,033 9,151 66,346
Other Banking operations 415 10,807 860 12,180
Unallocated (299) (429) (231) (1,479)
Profit before tax 32,945 36,501 15,544 121,199
Capital employed:
Treasury 274,704 262,520 279,913 262,520
Corporate/Wholesale Banking 97,932 108,720 106,775 108,720
Retail Banking 132,320 152,266 124,392 152,266
Other Banking operations 1,430 1,539 1,860 1,539
Unallocated 210,729 170,014 134,093 170,014
Total 717,115 695,059 647,033 695,059
@ For the above segment reporting, the reportable segments are identified
into Treasury, Corporate/Wholesale Banking, Retail Banking and Other
Banking Operations in compliance with the revised RBI guidelines. The
Bank mainly operates in India.
Notes:
1 The above financial results, subjected to Limited Review by statutory
central auditors, have been taken on record by the Audit Committee and
approved by the Board of Directors at their meeting on 16th July 2014.
2 As a prudent policy, the Bank holds provisions for Non Performing Assets
over and above the minimum required under the Reserve Bank of India (RBI)
norms. Further, provision for standard assets including requirements for
exposures to entities with Unhedged Foreign Currency Exposures and
provision for restructured advances has been made as per RBI guidelines.
3 The Pension liability arising on exercise of second option by employees
(other than separated/retired employees) is being amortized equally over
a period of 5 years commencing from the year ended on 31.03.2011, and
accordingly an amount of ` 842 Lakhs, being the proportionate liability
in respect thereof, for the quarter ended 30.06.2014 have been charged to
Profit and Loss Account and the balance amount of ` 2526 lakhs is
carried forward to be amortised during the ensuing quarters of the year
as permitted by the Reserve Bank of India vide letter No.
DBOD.BP.BC.15896/21.04.018/2010-11 dated 08th April,2011.
4 RBI circular DBOD.No.BP.BC.2/21.06.201/2013-14 dated July 01, 2013 on
Basel III Capital Regulations contains guidelines on certain Pillar 3
disclosure requirements that are to be made along with the publication of
financial results. Accordingly, such applicable disclosures have been
placed on the website of the Bank which can be accessed at the following
link: http://www.federalbank.co.in/regulatory-disclosures. These
disclosures have not been subjected to review by the statutory central
auditors of the bank.
5 Number of Investor complaints received and disposed off during the
quarter ended 30th June 2014:
a) Pending at the beginning of the quarter : NIL
b) Received during the quarter : 11
c) Disposed off during the quarter : 11
d) Pending at the end of the quarter : NIL
6 During the quarter ended 30th June 2014, the Bank had allotted 37920
Shares pursuant to the exercise of stock options by certain employees.
7 The figures for the quarter ended March 31, 2014 are the balancing
figures between audited figures in respect of financial year 2013-14 and
the published year to date figures upto December 31, 2013.
8 Previous period/ year figures have been regrouped / reclassified, where
necessary to conform to current period classification.
KOCHI MANAGING DIRECTOR & CEO
16th JULY 2014 (DIN: 02274773)
This information is provided by RNS
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