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REG - Federal Bank Ltd The - Annual Financial Report

Federal BankAnnouncement

08/05/2019 08:15

RNS Number : 3403Y

Federal Bank Ltd (The)

08 May 2019

SDF-24/ /2019-20 08^th May 2019

To,

The London Stock Exchange

Dear Sir,

We enclose herewith the Annual Audited Financial Results of the Bank for the period ended March 31, 2019 which was approved at the Bank's Board of Directors meeting held on 04^th May 2019. The Board of the Bank have also recommended the payment of final dividend @ Rs 1.40/- per equity share i.e. 70 % on the equity shares of the Bank and the same will be payable after shareholders approval in the Annual General Meeting of the Bank

Kindly take the same on your record.

For The Federal Bank Limited

Girish Kumar G

COMPANY SECRETARY

B S R & Co. LLP	M.M. Nissim & Co.
Chartered Accountants	Chartered Accountants
5^th Floor, Lodha Excelus	Barodawala Mansion, B-Wing
Apollo Mills Compound	3^rd Floor, 81
N.M. Joshi Marg, Mahalaxmi	Dr. Annie Besant Road
Mumbai - 400 011	Worli, Mumbai - 400 018

Independent Auditors' report on the Standalone Financial Results of The Federal Bank Limited pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015

To the Board of Directors of

The Federal Bank Limited

1. We have audited the accompanying annual standalone financial results of The Federal Bank Limited ('the Bank') for the year ended 31 March 2019 ('the Standalone Financial Results), attached herewith, being submitted by the Bank pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('the Listing Regulations'). The disclosures relating to 'Pillar 3 under Basel III Capital Regulations' and those relating to 'Leverage Ratio', 'Liquidity Coverage Ratio' under Capital Adequacy and Liquidity Standards issued by Reserve Bank of India ('RBI') have been disclosed on the Bank's website and in respect of which a link has been provided in the Standalone Financial Results and have not been audited by us. Attention is drawn to the fact that the figures for the quarter ended 31 March 2019 and the corresponding quarter ended in the previous year as reported in these Standalone Financial Results are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the end of the third quarter of the relevant financial year. Also the figures up to the end of the third quarter had only been reviewed and not subjected to audit.

2. These Standalone Financial Results have been prepared on the basis of the annual standalone financial statements and reviewed quarterly standalone financial results upto the end of the third quarter which are the responsibility of the Bank's Management. Our responsibility is to express an opinion on these Standalone Financial Results based on our audit of the annual standalone financial statements, which have been prepared in accordance with the recognition and measurement principles prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder, provisions of Section 29 of the Banking Regulation Act, 1949, circulars, guidelines and directions issued by the RBI from time to time and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.

3. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Financial Results are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts disclosed as the Standalone Financial Results. An audit also includes assessing the accounting principles used and significant estimates made by Management. We believe that our audit provides a reasonable basis for our opinion.

4. In our opinion and to the best of our information and according to the explanations given to us, these Standalone Financial Results:

(i) are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and

(ii) give a true and fair view of the standalone net profit and other financial information for the year ended 31 March 2019.

5. The Standalone Financial Results incorporate the relevant returns of 40 Branches and Treasury Branch audited by either of us and audited returns in respect of 1,234 branches audited by other branch auditors. The Branches audited by us cover 44.44% of the advances portfolio (excluding outstanding of asset recovery branches and food credit advance) of the Bank and 30.17% of non-performing advances of the Bank.

For B S R & Co. LLP	For M.M. Nissim & Co.
Chartered Accountants	Chartered Accountants
Firm's Registration No: 101248W / W-100022	Firm's Registration No: 107122W




Akeel Master	Sanjay Khemani
Partner	Partner
Membership No: 046768	Membership No: 044577
Mumbai	Mumbai
04 May 2019	04 May 2019

Independent Auditors' report on the Consolidated Financial Results of The Federal Bank Limited pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015

To the Board of Directors of

The Federal Bank Limited

1. We have audited the accompanying annual consolidated financial results of The Federal Bank Limited ('the Bank'), its subsidiaries and associates (the Bank, its subsidiaries and associates together referred to as 'the Group') for the year ended 31 March 2019 (the 'Consolidated Financial Results'), attached herewith, being submitted by the Bank pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('the Listing Regulations'). The disclosures relating to 'Pillar 3 under Basel III Capital Regulations' and those relating to 'Leverage Ratio', 'Liquidity Coverage Ratio' under Capital Adequacy and Liquidity Standards issued by Reserve Bank of India ('RBI') have been disclosed on the Bank's website and in respect of which a link has been provided in the Consolidated Financial Results and have not been audited by us.

2. These Consolidated Financial Results have been prepared from consolidated annual financial statements which are the responsibility of the Bank's Management. Our responsibility is to express an opinion on these Consolidated Financial Results based on our audit of such consolidated annual financial statements, which have been prepared in accordance with the recognition and measurement principles under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder, provisions of Section 29 of the Banking Regulation Act, 1949, circulars, guidelines and directions issued by the RBI from time to time and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.

3. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Consolidated Financial Results are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts disclosed as the Consolidated Financial Results. An audit also includes assessing the accounting principles used and significant estimates made by the management. We believe that our audit provides a reasonable basis for our opinion

4. (a) The consolidated financial results incorporate the relevant returns of 40 Branches and Treasury Branch audited by either of us and audited returns in respect of 1,234 branches audited by other branch auditors. The Branches audited by us cover 44.44% of the advances portfolio (excluding outstanding of asset recovery branches and food credit advance) of the Bank and 30.17% of
non-performing advances of the Bank.

(b) We did not audit the financial statements of two subsidiaries included in the consolidated annual financial results, whose annual financial statements reflect total assets of Rs. 2,134.23 crores as at 31 March 2019 as well as the total revenue of Rs. 260.21 crores for the year ended 31 March 2019. The consolidated annual financial results also include the Group's share of net profit of Rs.35.56 crores for the year ended 31 March 2019 in respect of two associates. These annual financial statements and other financial information have been audited by other auditors whose reports have been furnished to us, and our opinion on the Consolidated Financial Results, to the extent they have been derived from such annual financial statements is based solely on the report of such other auditors.

(c) The auditors of IDBI-Federal Life Insurance Company Limited ('the associate') have reported, 'The actuarial valuation of the liabilities for life policies in force and for discontinued policies where liability exists is the responsibility of the Company's Appointed Actuary ('the Appointed Actuary'). The actuarial valuation of these liabilities as at 31 March 2019 has been duly certified by the Appointed Actuary and in his opinion, the assumption for such valuation are in accordance with guidelines and norms issued by the Insurance Regulatory and Development Authority of India and the Actuarial Society of India in concurrence with the Authority. We have relied upon on the Appointed Actuary's certificate in this regard for forming our opinion on the financial statements of the Company'.

Our opinion on the Consolidated Financial Results is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors.

5. In our opinion and to the best of our information and according to the explanations given to us and based on consideration of reports of other auditors on separate financial statements of the subsidiaries and associates as aforesaid, these Consolidated Financial Results:

(i) include the annual financial results of the following entities;

a. Fedbank Financial Services Limited (the Subsidiary)

b. Federal Operations and Services Limited (the Subsidiary)

c. IDBI Federal Life Insurance Company Limited (the Associate)

d. Equirus Capital Private Limited (the Associate)

(ii) have been presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and

(iii) give a true and fair view of the consolidated net profit and other financial information for the year ended 31 March 2019.

For B S R & Co. LLP	For M.M. Nissim & Co.
Chartered Accountants	Chartered Accountants
Firm's Registration No: 101248W / W-100022	Firm's Registration No: 107122W




Akeel Master	Sanjay Khemani
Partner	Partner
Membership No: 046768	Membership No: 044577
Mumbai	Mumbai
04 May 2019	04 May 2019

THE FEDERAL BANK LIMITED

REGD.OFFICE: P.B.NO. 103, FEDERAL TOWERS, ALUVA-683101

(CIN: L65191KL1931PLC000368)

AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2019

(` in Lakhs)

Particulars

Standalone

Consolidated

Quarter ended

Year ended

31.03.2019

31.12.2018

31.03.2018

31.03.2019

31.03.2018

31.03.2019

31.03.2018

Audited
(Refer Note 12 below)

Unaudited

Audited
(Refer Note 12 below)

Audited

1. Interest earned (a)+(b)+(c)+(d)

3,03,232

2,95,441

2,54,797

11,41,903

9,75,286

11,63,544

9,91,490

(a)

Interest/discount on advances/bills

2,41,305

2,38,662

1,95,106

9,08,962

7,53,878

9,30,412

7,70,098

(b)

Income on investments

53,638

50,558

51,695

2,03,745

1,91,744

2,03,936

1,91,727

(c)

Interest on balances with Reserve Bank of India and other inter bank funds

1,178

1,557

1,840

7,347

9,581

7,347

9,582

(d)

Others

7,111

4,664

6,156

21,849

20,083

21,849

20,083

2. Other income

41,172

34,555

31,417

1,35,102

1,15,912

1,33,522

1,16,022

3. TOTAL INCOME (1+2)

3,44,404

3,29,996

2,86,214

12,77,005

10,91,198

12,97,066

11,07,512

4. Interest expended

1,93,579

1,87,712

1,61,475

7,24,268

6,17,005

7,31,633

6,22,642

5. Operating expenses (i)+(ii)

75,350

71,501

65,882

2,76,427

2,45,090

2,83,658

2,50,474

(i)

Employees cost

37,015

35,366

33,081

1,37,776

1,24,247

1,42,566

1,27,682

(ii)

Other operating expenses

38,335

36,135

32,801

1,38,651

1,20,843

1,41,092

1,22,792

6. TOTAL EXPENDITURE (4+5)
(excluding provisions and contingencies)

2,68,929

2,59,213

2,27,357

10,00,695

8,62,095

10,15,291

8,73,116

7. OPERATING PROFIT (3-6)
(Profit before provisions and contingencies)

75,475

70,783

58,857

2,76,310

2,29,103

2,81,775

2,34,396

8. Provisions (other than tax) and contingencies

17,776

19,012

37,153

85,585

94,717

85,765

95,076

9. Exceptional items

10. Profit from Ordinary Activities before tax
(7-8-9)

57,699

51,771

21,704

1,90,725

1,34,386

1,96,010

1,39,320

11. Tax expense

19,548

18,408

7,205

66,336

46,501

67,758

48,355

12. Net Profit from Ordinary Activities after tax (10-11)

38,151

33,363

14,499

1,24,389

87,885

1,28,252

90,965

13. Extraordinary items (net of tax expense)

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

38,151

33,363

14,499

1,24,389

87,885

1,28,252

90,965

15. Minority interest

180

16. Share in Profit of Associates

3,556

2,579

17. Consolidated Net Profit of the group
(14-15+16)

1,31,628

93,544

18. Paid-up Equity Share Capital
(Face value ` 2/- per Equity Share)

39,701

39,678

39,443

39,701

39,443

39,701

39,443

19. Reserves excluding Revaluation Reserve

12,87,102

11,81,080

13,09,624

11,87,480

20. Analytical Ratios

(i)

Percentage of shares held by Government of India

NIL

(ii)

Capital Adequacy ratio (%)

Under Basel III

14.14

12.97

14.70

14.14

14.70

(iii)

Earnings per Share (EPS) (in `)

(a) Basic EPS (before and after extra ordinary items)

1.92*

1.68*

0.74*

6.28

4.62

6.65

4.92

(b) Diluted EPS (before and after extra ordinary items)

1.91*

1.67*

0.73*

6.24

4.56

6.60

4.86

(iv)

NPA Ratios

a) Gross NPA

3,26,068

3,36,123

2,79,562

3,26,068

2,79,562

b) Net NPA

1,62,620

1,81,729

1,55,196

1,62,620

1,55,196

c) % of Gross NPA

2.92

3.14

3.00

2.92

3.00

d) % of Net NPA

1.48

1.72

1.69

1.48

1.69

(v)

Return on Assets (%)

0.25*

0.23*

0.11 *

0.88

0.75

* Not Annualised

Segment Information@
								(` in Lakhs)
Particulars		Standalone					Consolidated
		Quarter ended			Year ended		Year ended
		31.03.2019	31.12.2018	31.03.2018	31.03.2019	31.03.2018	31.03.2019	31.03.2018
		Audited (Refer Note 12 below)	Unaudited	Audited (Refer Note 12 below)	Audited	Audited	Audited	Audited
Segment Revenue:
	Treasury	66,515	64,236	60,888	2,54,761	2,39,556	2,54,761	2,39,556
	Corporate/Wholesale Banking	1,45,079	1,30,916	1,03,194	5,07,376	3,78,695	5,07,376	3,78,695
	Retail Banking	1,21,852	1,28,913	1,16,178	4,88,342	4,54,386	5,08,403	4,70,700
	Other Banking operations	10,958	5,931	5,954	26,526	18,561	26,526	18,561
	Unallocated	-	-	-	-	-	-	-
	Total Revenue	3,44,404	3,29,996	2,86,214	12,77,005	10,91,198	12,97,066	11,07,512
	Less: Inter Segment Revenue	-	-	-	-	-	-	-
	Income from Operations	3,44,404	3,29,996	2,86,214	12,77,005	10,91,198	12,97,066	11,07,512
Segment Results (net of provisions):
	Treasury	10,950	16,870	(3,063)	41,085	25,650	41,469	25,650
	Corporate/Wholesale Banking	14,328	4,728	(18,875)	25,969	(13,797)	25,969	(13,797)
	Retail Banking	28,188	30,613	41,735	1,20,186	1,20,093	1,25,087	1,25,027
	Other Banking operations	5,280	444	2,822	6,690	5,251	6,690	5,251
	Unallocated	(1,047)	(884)	(915)	(3,205)	(2,811)	(3,205)	(2,811)
	Profit before tax	57,699	51,771	21,704	1,90,725	1,34,386	1,96,010	1,39,320
Segment Assets
	Treasury	35,75,297	30,72,544	35,10,841	35,75,297	35,10,841	35,78,232	35,10,273
	Corporate/Wholesale Banking	58,16,960	56,43,373	50,72,766	58,16,960	50,72,766	58,16,960	50,72,766
	Retail Banking	56,68,073	53,95,943	45,39,627	56,68,073	45,39,627	57,86,386	46,30,167
	Other Banking operations	1,138	2,057	533	1,138	533	1,138	533
	Unallocated	8,72,531	8,64,000	7,07,628	8,72,531	7,07,628	8,72,531	7,07,628
	Total	1,59,33,999	1,49,77,917	1,38,31,395	1,59,33,999	1,38,31,395	1,60,55,247	1,39,21,367
Segment Liabilities
	Treasury	34,76,144	29,23,393	33,48,514	34,76,144	33,48,514	34,76,144	33,48,514
	Corporate/Wholesale Banking	56,00,730	54,71,439	48,49,217	56,00,730	48,49,217	56,00,730	48,49,217
	Retail Banking	54,61,130	52,34,444	43,41,585	54,61,130	43,41,585	55,51,810	44,25,157
	Other Banking operations	4	2	1	4	1	4	1
	Unallocated	68,687	59,914	71,055	68,687	71,055	68,687	71,055
	Total	1,46,06,695	1,36,89,192	1,26,10,372	1,46,06,695	1,26,10,372	1,46,97,375	1,26,93,944
Capital employed:
(Segment Assets - Segment Liabilities)
	Treasury	99,153	1,49,151	1,62,327	99,153	1,62,327	1,02,088	1,61,759
	Corporate/Wholesale Banking	2,16,230	1,71,934	2,23,549	2,16,230	2,23,549	2,16,230	2,23,549
	Retail Banking	2,06,943	1,61,499	1,98,042	2,06,943	1,98,042	2,34,576	2,05,010
	Other Banking operations	1,134	2,055	532	1,134	532	1,134	532
	Unallocated	8,03,844	8,04,086	6,36,573	8,03,844	6,36,573	8,03,844	6,36,573
	Total	13,27,304	12,88,725	12,21,023	13,27,304	12,21,023	13,57,872	12,27,423
@	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 RBI guidelines.
	Statement of Assets and Liabilities of the bank as on March 31, 2019 is given below:
						(` in Lakhs)
	Particulars		Standalone		Consolidated
			As at 31.03.2019	As at 31.03.2018	As at 31.03.2019	As at 31.03.2018
			Audited	Audited	Audited	Audited
	CAPITAL AND LIABILITIES
	Capital		39,701	39,443	39,701	39,443
	Reserves and Surplus		12,87,603	11,81,580	13,10,125	11,87,980
	Minority Interest				8,046	-
	Deposits		1,34,95,434	1,11,99,249	1,34,87,893	1,11,97,010
	Borrowings		7,78,132	11,53,350	8,70,629	12,32,884
	Other Liabilities and Provisions		3,33,129	2,57,773	3,38,853	2,64,050
	Total		1,59,33,999	1,38,31,395	1,60,55,247	1,39,21,367
	ASSETS
	Cash and Balances with Reserve Bank of India		6,41,917	5,13,276	6,42,267	5,13,678
	Balance with Banks and Money at Call and Short Notice		3,64,763	4,07,065	3,63,080	4,05,843
	Investments		31,82,447	30,78,107	31,67,570	30,59,468
	Advances		1,10,22,295	91,95,747	1,11,53,592	93,01,089
	Fixed assets		47,204	45,737	47,993	46,135
	Other assets		6,75,373	5,91,463	6,80,745	5,95,154
	Total		1,59,33,999	1,38,31,395	1,60,55,247	1,39,21,367
Notes:
1	The above Financial Results for the quarter and year ended March 31, 2019 were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on May 04, 2019. The Results for the year ended March 31, 2019 have been subjected to "Audit" by the Statutory Central Auditors of the Bank and an unqualified report has been issued by them.
2	The Consolidated Financial Results include the audited financial results of the subsidiaries Fedbank Financial Services Limited, Federal Operations and Services Limited and the associates IDBI Federal Life Insurance Company Limited, Equirus Capital Private Limited.
3	The Bank has made provision for Non Performing Assets as stipulated under 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 have been made as per RBI guidelines.
4	The Bank has consistently applied its significant accounting policies in the preparation of the quarterly financial results and its annual financial statements during the years ended March 31, 2019 and March 31, 2018.
5	In accordance with RBI Circular DBR.No.BP.BC.1/21.06.201/2015-16 on Basel III Capital Regulations dated July 01, 2015 and RBI Circular DBR.No.BP.BC.80/21.06.201/2014-15 dated March 31, 2015 - 'Prudential Guidelines on Capital Adequacy and Liquidity Standards - Amendments', Banks are required to make Pillar 3 disclosure requirements including Leverage Ratio 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 audit or review by the Statutory Central Auditors of the Bank.
6	The Business operations of the Bank are largely concentrated in India and for the purpose of Segment reporting, the bank is considered to operate only in domestic segment, though the bank has its operations in International Finance Service Centre (IFSC) Banking Unit in Gujarat International Finance Tec-city (GIFT). The business conducted from the same is considered as a part of Indian operations.
7	Other income includes fees earned from providing services to customers, commission from non-fund based banking activities, earnings from foreign exchange and derivative transactions, selling of third party products, profit on sale of investments (net), recoveries from advances written off etc.
8	During the quarter and year ended March 31, 2019, the Bank has allotted 1,144,908 and 12,905,764 equity shares of ` 2 each, pursuant to the exercise of stock options by employees.
9	Disclosure in respect of ILFS and ILFS entities with the position as on March 31, 2019 is as follows:
							(` in Lakhs)
	Amount Outstanding (1)	Of (1), total amount of exposures which are NPA as per IRAC norms and not classified as NPA (2)			Provisions required to be made as per IRAC norms (3)		Provision actually held (4)
	24,620.17	3,237.15			485.57		2,103.19*
	* This comprises of provision @ 15% provision on exposure, which is NPA as per IRAC norms and not classified as NPA and provision @ 7.5% on exposure, which is standard as per IRAC norms. In respect of balance exposure, the Bank is receiving due payment from Tolls and Annuities from the operating assets through an escrow account. Both these provisions have been considered as provision for standard assets.

10	Ministry of Labour and Employment, Government of India on March 29, 2018 has enhanced the gratuity ceiling to an employee under Payment of Gratuity Act, 1972 to ` 20 Lakhs from earlier limit of ` 10 lakhs. This change has resulted to an incremental gratuity liability amounting to ` 7,143.90 lakhs. As per the RBI circular DBR.BP.9730/21.04.018/2017-18 dated April 27, 2018 the Bank has an option to spread the impact of change in gratuity ceiling over four quarters beginning with the quarter ended March 31, 2018. The Bank had availed the option to spread the incremental gratuity expenditure over four quarters beginning with the quarter ended March 31, 2018. Accordingly, during the quarter ended March 31, 2018 the Bank charged to the profit and loss account an amount of ` 1,785.97 Lakhs and there was an unamortised gratuity expenditure of ₹ 5,357.93 Lakhs. Based on the correspondence with the Reserve Bank of India (RBI) during the quarter ended June 30, 2018, the Bank has charged to the profit and loss account the entire unamortised gratuity expenditure of ₹ 5,357.93 Lakhs.
11	The Board of Directors have recommended a dividend of 70% i.e. ` 1.40/- per Equity Share on face value of ` 2/- each for the year 2018-19 (Previous Year 50% i.e ` 1.00/- per Equity Share) subject to the approval of the members at the ensuing Annual General Meeting. In terms of Accounting Standard (AS) 4 "Contingencies and Events occuring after the Balance sheet date" as notified by the Ministry of Corporate affairs through amendments to Companies (Accounting Standards) Amendment Rules, 2016, the Bank has not appropriated proposed dividend (including tax) aggregating to ` 33,503.13 Lakhs from the Profit and loss account for the year ended March 31, 2019. However the effect of the proposed dividend has been reckoned in determining capital funds in the computation of Capital adequacy ratio as on March 31, 2019.
12	The figures of the last quarter are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures upto the end of third quarter of the respective financial year.
13	Previous period's / year's figures have been regrouped / reclassified, where necessary to conform to current period's classification.







						SHYAM SRINIVASAN
Mumbai						MANAGING DIRECTOR & CEO
May 4, 2019						(DIN: 02274773)

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

ACSSSASWAFUSESI

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