Federal Bk S Regulatory News (FEDS)

30 Jan 2008 10:03

Federal Bank Ltd (The)30 January 2008 THE FEDERAL BANK LIMITED REGD. OFFICE: ALUVA UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31 DECEMBER 2007 (Rs.Crore) Quarter ended Nine months period ended Year ended 31 December 31 December 31 March 2007 2006 2007 2006 2007 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1. Interest earned (a)+(b)+(c)+(d) 648.66 440.40 1798.25 1274.13 1801.45 (a) Interest/discount on advances/ 475.92 320.03 1307.96 899.63 1281.45 bills (b) Income on Investments 159.69 117.00 441.74 341.50 466.59 (c) Interest on balances with RBI 13.02 2.48 34.14 30.38 43.81 and other inter bank funds (d) Others 0.03 0.89 14.41 2.62 9.60 2. Other Income 84.95 58.17 270.12 193.28 302.59 3. TOTAL INCOME (1+2) 733.61 498.57 2068.37 1467.41 2104.04 4. Interest expended 444.96 265.75 1203.26 781.65 1084.96 5. Operating Expenses (i)+(ii) 121.02 97.30 332.43 297.50 406.10 (i) Employee Cost 71.58 60.21 197.58 190.71 260.45 (ii) Other operating expenses 49.44 37.09 134.85 106.79 145.65 6. TOTAL EXPENDITURE (4)+(5) 565.98 363.05 1535.69 1079.15 1491.06 (excluding Provisions and Contingencies) 7. OPERATING PROFIT (3-6) 167.63 135.52 532.68 388.26 612.98 (Profit before Provisions and Contingencies) 8. Provisions (other than tax) and 34.53 19.59 156.31 128.10 214.75 Contingencies 9. Exceptional Items Nil Nil Nil Nil Nil 10. Profit (+)/Loss(-) from Ordinary 133.10 115.93 376.37 260.16 398.23 Activities before tax (7-8-9) 11. Tax expense 30.18 32.09 111.18 66.68 105.50 12. Net Profit(+)/Loss(-) from 102.92 83.84 265.19 193.48 292.73 Ordinary Activities after tax (10-11) 13. Extra ordinary items (net of tax Nil Nil Nil Nil Nil expense) 14. Net Profit(+)/Loss(-) for the 102.92 83.84 265.19 193.48 292.73 period (12-13) 15. Paid-up equity share capital 85.60 85.60 85.60 85.60 85.60 (Face value Rs.10/-) 16. Reserves excluding revaluation reserve (as per Balance Sheet of the 1409.98 previous accounting year) 17. Analytical Ratios (i) Percentage of shares held by Nil NIL Nil NIL NIL Government of India (ii) Capital Adequacy ratio (%) 13.12 14.60 13.12 14.60 13.43 (iii) Earnings per Share (EPS) a) Basic and diluted EPS before 12.02* 9.79* 30.98* 22.60* 34.20 Extra ordinary items (net of tax expense) b) Basic and diluted EPS after 12.02* 9.79* 30.98* 22.60* 34.2 Extra ordinary items (iv) NPA Ratios a) Gross NPA 494.75 528.26 494.75 528.26 450.80 b) Net NPA 51.40 78.40 51.40 78.40 65.05 c) % of Gross NPA 2.76 3.76 2.76 3.76 2.95 d) % of Net NPA 0.29 0.58 0.29 0.58 0.44 (v) Return on Assets (%) 0.36* 0.38* 1.00* 0.92* 1.38 18. Public Shareholding: - Number of Shares 741.25lakh 690.24lakh 741.25 lakh 690.24lakh 725.16 lakh - Percentage of 86.59 80.63 86.59 80.63 84.71 shareholding * Not annualised Notes 1. As a prudent policy, the Bank holds provisions for NPAs and standard assets over and above the minimum required under the RBI norms. 2. Provisions for standard assets, non-performing assets and also for gratuity, pension, bonus, leave salary, income-tax including deferred tax & fringe benefit tax and other usual and necessary items have been made on estimated basis. 3. Reconciliation/adjustment of outstanding entries in Inter branch/office transactions is in progress. In the opinion of the Bank, consequential effect of the same on the revenue/assets/liabilities is not likely to be material. 4. The results for the quarter ended 31 December 2007 include the figures of the erstwhile The Ganesh Bank of Kurundwad Ltd which was amalgamated with the Bank with effect from 2 September 2006. 5. The Bank had no investor complaints pending as on 30 September 2007. All the 39 complaints received during the quarter were disposed off and there are no pending complaints as on 31 December 2007. 6. The Rights Issue of equity shares of the Bank in the ratio of 1:1 at Rs.250 per share, Rs.240 towards premium and Rs.10 towards face value aggregating to Rs.2141.47 crore, opened for subscription on December 17, 2007 and closed on January 15, 2008. The Bank had filed the Letter of Offer with the Designated Stock Exchange, which is available on the website of SEBI at www.sebi.gov.in and at the website of the Lead Managers at www.sbicaps.com and www.edelcap.com. The issue has been oversubscribed @104.90%. Investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, see the section titled "Risk Factors" of the aforementioned Letter of Offer. 7. The Bank has invested a sum of Rs.52 crore consisting of 5.2 crore equity shares of Rs.10/- each in IDBI Fortis Life Insurance Company Ltd constituting 26% of total share capital of the company along with other shareholders, Industrial Development Bank of India Ltd and Fortis Insurance International N.V. 8. The consolidated figures of the Bank and its fully owned subsidiary for the nine months period ended 31 December 2007 are as under: a) Consolidated turnover : Rs.2068.37 crore b) Consolidated profit after tax : Rs.264.65 crore c) Consolidated EPS : Rs.30.91 9. Figures for the previous periods have been recast/regrouped wherever necessary. 10. The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 25 January 2008. Segment Information Information is provided below on the Bank's operations, classified into twobusiness segments, viz, Treasury Operations (investment and trading insecurities, shares, debentures, etc) and Banking Operations (other thanTreasury). (Rs. crore) Quarter ended Nine months period Year ended ended 31-Dec-07 31-Dec-06 31-Dec-07 31-Dec-06 31-Mar-07Segment Revenue: Treasury operations 183.97 124.23 496.08 395.47 523.98 Banking operations (other than 549.64 374.34 1572.29 1071.94 1580.06Treasury) Total Revenue 733.61 498.57 2068.37 1467.41 2104.04Segment Results (net of provisions): Treasury operations 13.65 9.31 38.04 51.35 -0.97 Banking operations (other than 119.45 106.62 338.33 208.81 399.20Treasury) Total Profit before Tax 133.10 115.93 376.37 260.16 398.23Capital employed: Treasury operations 180.81 166.02 180.81 166.02 158.71 Banking operations (other than 1586.39 1277.45 1586.39 1277.45 1343.50Treasury) Total 1767.20 1443.47 1767.20 1443.47 1502.21 The Bank has only the Domestic geographic segment. Residual operations, beingof insignificant volume, have not been considered as a separate reportablesegment, but included in Banking Operations. Kochi M. VENUGOPALAN25 January 2008 CHAIRMAN This information is provided by RNS The company news service from the London Stock Exchange