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Pin to quick picksFederal Bk S Regulatory News (FEDS)

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3rd Quarter Results

22 Jan 2014 08:20

RNS Number : 2386Y
Federal Bank Ltd (The)
22 January 2014
 

Deloitte

Haskins& Sells

M P Chitale & Co.

Chartered Accountants

Wilmont Park Business Centre

1st Floor, Warriam Road

Kochi - 682 016

INDIA

Chartered AccountantsFirst Floor, Hamam HouseAmbalal Doshi Marg, FortMumbai - 400 001INDIA

Tel: +91 484 2353694

Fax: +91 484 2380094

Tel: +91-22-22651186Fax:+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 Unaudited Financial Results of THE FEDERAL BANK LIMITED ("the Bank") for the quarter and nine months ended 31st December, 2013 ("the Statement") being submitted by theBank pursuant to 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 Auditors 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 the 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, 56 branches have been reviewed by one of us and we have relied on the review reports in respect of returns including non-performing assets received from the branch auditors of 27 branches, 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 notified under the Companies Act, 1956 (which continued to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General Circular 15/2013 dated 13 September, 2013 of the Ministry of Corporate Affairs) and other recognised accounting practices and policies, 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.5 of the Statement regarding proportionate charge of pension liability of the bank amounting to ` 8.42 Crore and ` 25.26 Crore for the quarter and nine months ended 31st December, 2013 respectively and the balance unamortised liability of `42.10 Crore as at 31st December, 2013, 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 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 also not been subjected to our review.

 

For DELOITTE HASKINS & SELLS

For M P CHITALE & CO.

Chartered Accountants

Chartered Accountants

(Firm Registration No.008072S)

(Firm Registration No. 101851W)

M. Ramachandran

Ulhas Chitale

Partner

Partner

(Membership No.16399)

(Membership No. 32292)

 

 

MUMBAI, January, 2014.

 

Click on, or paste the following link into your web browser, to view the full announcement:

http://www.rns-pdf.londonstockexchange.com/rns/2386Y_-2014-1-22.pdf

 

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