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)


 

 


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.




 


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