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


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