REG - Federal Bank Ltd The - Half Yearly Report <Origin Href="QuoteRef">FED.NS</Origin>

Federal BankAnnouncement

29/10/2014 13:20

RNS Number : 7542U
Federal Bank Ltd (The)
20 October 2014
 SDF-24/  /2014-15 20th October 2014
To,   
London Stock Exchange
Dear Sir,
We enclose the Limited Review Report (LRR) of the Auditors of the Bank for the quarter ended 30th September 2014, which was approved at the Bank's Board of Directors meeting, held on 16th October 2014.
Kindly take the same on your record.
Thanking you,
Yours faithfully,
COMPANY SECRETARY
Encl: as above

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: +91 484 2353694
Fax: +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 Standalone Unaudited Financial Results of THE FEDERAL BANK LIMITED ("the Bank") for the Quarter and half year ended 30th September, 2014 ("the Statement"), being submitted by the Bank pursuant to the requirement of 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 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, 87branches 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 12branches, specifically appointed for this purpose by the bank. These review reports cover 55 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.4 of the Statement regarding proportionate charge of pension liability of the bank amounting to Rs.842 Lakhs and Rs.1684 Lakhs for the quarter and half year ended 30thSeptember, 2014 respectively and the balance unamortised liability of Rs.1684 Lakhs as at 30thSeptember, 2014, pursuant to the exemption granted by the Reserve Bank of India and made applicable to the Bank vide letter no. DBOD No.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'sRegistration No.008072S)
(Firm's Registration No. 101851W)










M. Ramachandran
Ashutosh Pednekar

Partner
Partner

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

MUMBAI, 16thOctober, 2014.

THE FEDERAL BANK LIMITED
REGD.OFFICE: P.B.NO. 103, FEDERAL TOWERS, ALUVA-683101
(CIN: L65191KL1931PLC000368)
STANDALONE UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER AND HALF YEAR ENDED 30th SEPTEMBER 2014
(` in Lakhs) 
Particulars
Quarter ended 
Half Year ended
Year ended 31.03.2014
30.09.2014
30.06.2014
30.09.2013
30.09.2014
30.09.2013
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Audited
1. Interest earned (a)+(b)+(c)+(d)
 186,958 
 177,150 
 171,444 
 364,108 
 336,770 
 694,608 
(a)
Interest/discount on advances/bills
 136,294 
 129,987 
 126,486 
 266,281 
 250,692 
 501,108 
(b)
Income on Investments
 45,276 
 45,819 
 43,778 
 91,095 
 83,483 
 177,683 
(c)
Interest on balances with Reserve Bank of India and other inter bank funds
 2,327 
 1,251 
 1,112 
 3,578 
 2,436 
 5,236 
(d)
Others
 3,061 
 93 
 68 
 3,154 
 159 
 10,581 
2. Other Income
 19,586 
 15,654 
 14,340 
 35,240 
 35,919 
 69,385 
3. TOTAL INCOME (1+2)
 206,544 
 192,804 
 185,784 
 399,348 
 372,689 
 763,993 
4. Interest expended
 126,378 
 120,728 
 116,609 
 247,106 
 230,974 
 471,747 
5. Operating Expenses (i)+(ii)
 39,190 
 36,923 
 35,284 
 76,113 
 68,770 
 144,207 
(i)
Employees Cost
 20,380 
 20,443 
 18,543 
 40,823 
 36,894 
 77,154 
(ii)
Other operating expenses
 18,810 
 16,480 
 16,741 
 35,290 
 31,876 
 67,053 
6. TOTAL EXPENDITURE (4)+(5)
(excluding Provisions and Contingencies)
 165,568 
 157,651 
 151,893 
 323,219 
 299,744 
 615,954 
7. OPERATING PROFIT (3-6)
(Profit before Provisions and Contingencies)
 40,976 
 35,153 
 33,891 
 76,129 
 72,945 
 148,039 
8. Provisions (other than Tax) and Contingencies
 4,571 
 2,208 
 (402)
 6,779 
 23,108 
 26,840 
9. Exceptional Items

 - 
 - 
 - 
 - 
 - 
 - 
10. Profit from Ordinary Activities before tax
(7-8-9)
 36,405 
 32,945 
 34,293 
 69,350 
 49,837 
 121,199 
11. Tax expense

 12,375 
 10,922 
 11,712 
 23,297 
 16,690 
 37,310 
12. Net Profit from Ordinary Activities after tax (10-11)
 24,030 
 22,023 
 22,581 
 46,053 
 33,147 
 83,889 
13. Extraordinary items (net of tax expense)

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

 24,030 
 22,023 
 22,581 
 46,053 
 33,147 
 83,889 
15. Paid-up Equity Share Capital
(Face value ` 2/- each)
 17,111 
 17,107 
 17,106 
 17,111 
 17,106 
 17,106 
16. Reserves excluding Revaluation Reserve 





 677,452 
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
 14.45 
 15.16 
 15.35 
 14.45 
 15.35 
 15.14 
(iii)
Earnings per Share (EPS) (in `)







(a) Basic and diluted EPS before Extra ordinary Items
2.81*
2.57*
2.64*
5.38*
3.88*
9.81

(b) Basic and diluted EPS after Extra ordinary Items
2.81*
2.57*
2.64*
5.38*
3.88*
9.81
(iv)
NPA Ratios







a) Gross NPA
 103,105 
 101,643 
 146,600 
 103,105 
 146,600 
 108,741 

b) Net NPA
 31,850 
 30,389 
 41,141 
 31,850 
 41,141 
 32,156 

c) % of Gross NPA
 2.10 
 2.22 
 3.39 
 2.10 
 3.39 
 2.46 

d) % of Net NPA
 0.66 
 0.68 
 0.98 
 0.66 
 0.98 
 0.74 
(v)
Return on Assets (%)
0.32*
0.30* 
0.34* 
0.62*
0.49* 
 1.20 
18. Public Shareholding:








Number of Shares (in Lakhs)
 8,383.51 
 8,365.62 
 8,342.35 
 8,383.51 
 8,342.35 
 8,342.86 

Percentage of shareholding #
 97.99 
 97.80 
 97.54 
 97.99 
 97.54 
 97.54 
19. Promoters and Promoter group share holding







(a)
Pledged/Encumbered






-
Number of Shares
NIL
NIL
NIL
NIL
NIL
NIL
-
Percentage of Shares (as a % of the total shareholding of promoter and promoter group)
NIL
NIL
NIL
NIL
NIL
NIL
-
Percentage of Shares (as a % of the total share capital of the company)
NIL
NIL
NIL
NIL
NIL
NIL
(b)
Non-encumbered






-
Number of Shares
NIL
NIL
NIL
NIL
NIL
NIL
-
Percentage of Shares (as a % of the total shareholding of promoter and promoter group)
NIL
NIL
NIL
NIL
NIL
NIL
-
Percentage of Shares (as a % of the total share capital of the company)
NIL
NIL
NIL
NIL
NIL
NIL








* Not annualised






# excludes shares held by custodian against which Global Depository Receipts issued.




This information is provided by RNS
The company news service from the London Stock Exchange
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