REG - Federal Bank Ltd The - 3rd Quarter Results <Origin Href="QuoteRef">FED.NS</Origin>

Federal BankAnnouncement

18/01/2016 07:10

RNS Number : 1041M
Federal Bank Ltd (The)
16 January 2016
SDF-24/  /2015-16 16th January 2016
   
To,
The London Stock Exchange
Dear Sir,
We enclose herewith the UnAudited Financial Results of the Bank alongwith Limited Review Report for the period ended December 31, 2015 which was approved at the Bank's Board of Directors meeting held on 12th January 2016.
Kindly take the same on your record.
For The Federal Bank Limited
Girish Kumar G
COMPANY SECRETARY
Deloitte
Haskins & Sells 
M P Chitale & Co.
Chartered Accountants
Wilmont Park Business Centre
1st Floor, Warriam Road
Kochi - 682 016
INDIA
Chartered Accountants
First Floor, Hamam House
Ambalal Doshi Marg, Fort
Mumbai - 400 001
INDIA 

Tel: +91-22-22651186
Fax:+91-22-22655334
INDEPENDENT AUDITORS' REVIEW REPORT ON 
REVIEW OF INTERIM FINANCIAL RESULTS
 
TO THE BOARD OF DIRECTORS OF
THE FEDERAL BANK LIMITED
1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of THE FEDERAL BANK LIMITED ("the Bank") for the Quarter and Nine Months ended 31st December, 2015 ("the Statement"), excluding the "Pillar 3 disclosures and leverage ratio under Basel III Capital Regulations" disclosed on the Bank's website and in respect of which a link has been provided in the Statement, being submitted by the Bank pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This Statement which is the responsibility of the Bank's Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Accounting Standard for Interim Financial Reporting (AS 25), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder, guidelines issued by Reserve Bank of India and other accounting principles generally accepted in India. 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 Auditor 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 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, 111 branches have been reviewed by either of us which covers 56 percent of the advances portfolio of the bank as at 31st December, 2015. 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 aforesaid Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, 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 relevant prudential norms prescribed 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. 10 of the Statement regarding deferment of shortfall of Rs.7,829.27 Lakhs arising from the sale of certain non-performing assets during the quarter and nine months ended 31st December, 2015 in terms of RBI Master Circular DBR.No.BP.BC.2/21.04.048/2015-16 on Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to advances, dated July 1, 2015, and the unamortised balance as at 31st December, 2015 of Rs.6,456.56 Lakhs. 
Our conclusion is not modified in respect of this matter.
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
Ashutosh Pednekar

Partner
Partner

(Membership No.16399)
(Membership No. 041037)

KOCHI, January, 2016.

THE FEDERAL BANK LIMITED
REGD.OFFICE: P.B.NO. 103, FEDERAL TOWERS, ALUVA-683101
(CIN: L65191KL1931PLC000368)
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2015
(` in Lakhs) 
Particulars
Quarter ended 
Nine Months ended
Year ended 31.03.2015
31.12.2015
30.09.2015
31.12.2014
31.12.2015
31.12.2014
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Audited
1. Interest earned (a)+(b)+(c)+(d)
 190,276 
 190,226 
 187,010 
 571,817 
 551,118 
 741,946 
(a)
Interest/discount on advances/bills
 138,554 
 140,005 
 139,896 
 419,982 
 406,177 
 544,683 
(b)
Income on Investments
 44,589 
 42,356 
 40,168 
 129,982 
 122,514 
 164,968 
(c)
Interest on balances with Reserve Bank of India and other inter bank funds
 1,657 
 1,905 
 2,060 
 4,871 
 5,638 
 6,236 
(d)
Others
 5,476 
 5,960 
 4,886 
 16,982 
 16,789 
 26,059 
2. Other Income
 18,331 
 18,227 
 21,991 
 55,952 
 57,231 
 87,831 
3. TOTAL INCOME (1+2)
 208,607
 208,453 
 209,001 
 627,769 
 608,349 
 829,777 
4. Interest expended
 129,756 
 129,392 
 128,294 
 389,987 
 375,400 
 503,905 
5. Operating Expenses (i)+(ii)
 46,303 
 45,404 
 40,972 
 134,856 
 117,085 
 163,093 
(i)
Employees Cost
 25,859 
 24,893 
 23,507 
 75,981 
 64,330 
 89,196 
(ii)
Other operating expenses
 20,444 
 20,511 
 17,465 
 58,875 
 52,755 
 73,897 
6. TOTAL EXPENDITURE (4+5)
(excluding Provisions and Contingencies)
 176,059 
 174,796 
 169,266 
 524,843 
 492,485 
 666,998 
7. OPERATING PROFIT (3-6)
(Profit before Provisions and Contingencies)
 32,548 
 33,657
 39,735 
 102,926 
 115,864 
 162,779 
8. Provisions (other than Tax) and Contingencies
 7,511 
8,728 
 (82)
 31,549 
 6,697 
 10,675 
9. Exceptional Items

 - 
 - 
 - 
 - 
 - 
 - 
10. Profit from Ordinary Activities before tax
(7-8-9)
 25,037 
 24,929 
 39,817 
 71,377 
 109,167 
 152,104 
11. Tax expense

 8,765 
 8,801 
 13,348 
 24,838 
 36,645 
 51,529 
12. Net Profit from Ordinary Activities after tax (10-11)
 16,272 
 16,128 
 26,469 
 46,539 
 72,522 
 100,575 
13. Extraordinary items (net of tax expense)

 - 
 - 
 - 
 - 
 - 
 - 
14. Net Profit for the period (12-13)

 16,272 
 16,128 
 26,469 
 46,539 
 72,522 
 100,575 
15. Paid-up Equity Share Capital (Refer Note 9)
(Face value ` 2/- per Equity Share)
 34,367 
34,349 
 17,122 
 34,367 
 17,122 
 17,133 
16. Reserves excluding Revaluation Reserve 





 756,180 
17. Analytical Ratios







(i)
Percentage of shares held by Government of India
NIL
NIL
NIL
NIL
NIL
NIL
(ii)
Capital Adequacy ratio (%)







Under Basel III
 14.32 
 14.71 
 14.51 
 14.32 
 14.51 
 15.46 
(iii)
Earnings per Share (EPS) (in `) (Refer Note 9)







(a) Basic EPS (before and after Extra ordinary Items)
0.95*
0.94*
1.54*
2.71*
4.23*
5.87

(b) Diluted EPS (before and after Extra ordinary Items)
0.94*
0.92*
1.52*
2.68*
4.15*
5.82
(iv)
NPA Ratios







a) Gross NPA
 168,411 
 149,873 
 106,663 
 168,411 
 106,663 
 105,773 

b) Net NPA
 87,610 
 67,484 
 33,294 
 87,610 
 33,294 
 37,327 

c) % of Gross NPA
 3.15 
 2.90 
 2.19 
 3.15 
 2.19 
 2.04 

d) % of Net NPA
 1.66 
 1.33 
 0.69 
 1.66 
 0.69 
 0.73 
(v)
Return on Assets (%)
0.19* 
0.20*
0.35* 
0.56* 
0.97* 
 1.32 








*Not Annualised

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The company news service from the London Stock Exchange
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