Last checked at 5 May 2015 12:47
SDF-24/ /2015-16 5th May 2015
To,
The London Stock Exchange
Dear Sir,
We enclose herewith the Audited Financial Results of the Bank for the period ended March 31, 2015 which was approved at the Bank's Board of Directors meeting held on 29.04.2015.
Kindly take the same on your record.
For The Federal Bank Limited
Girish Kumar G
COMPANY SECRETARY
THE FEDERAL BANK LIMITED REGD.OFFICE: P.B.NO. 103, FEDERAL TOWERS, ALUVA-683101 (CIN: L65191KL1931PLC000368) AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31st MARCH 2015 (` in Lakhs) | |||||||
Particulars |
Quarter ended |
Year ended | Consolidated figures for the year ended | ||||
31.03.2015 | 31.12.2014 | 31.03.2014 | 31.03.2015 | 31.03.2014 | 31.03.2015 | 31.03.2014 | |
Audited (Refer Note 10 below) |
Unaudited | Audited (Refer Note 10 below) |
Audited |
Audited |
Audited |
Audited | |
1. Interest earned (a)+(b)+(c)+(d) | 1,90,828 | 1,87,010 | 1,83,871 | 7,41,946 | 6,94,608 | 7,48,777 | 7,00,570 |
(a) Interest/discount on advances/bills | 1,38,506 | 1,39,896 | 1,23,794 | 5,44,683 | 5,01,108 | 5,51,011 | 5,07,070 |
(b) Income on Investments | 47,589 | 44,908 | 48,080 | 1,83,592 | 1,77,683 | 1,84,095 | 1,77,683 |
(c) Interest on balances with Reserve Bank of India and other inter bank funds |
598 |
2,060 |
1,746 |
6,236 |
5,236 |
6,236 |
5,236 |
(d) Others | 4,135 | 146 | 10,251 | 7,435 | 10,581 | 7,435 | 10,581 |
2. Other Income | 30,600 | 21,991 | 17,841 | 87,831 | 69,385 | 87,854 | 68,518 |
3. TOTAL INCOME (1+2) | 2,21,428 | 2,09,001 | 2,01,712 | 8,29,777 | 7,63,993 | 8,36,631 | 7,69,088 |
4. Interest expended | 1,28,505 | 1,28,294 | 1,21,363 | 5,03,905 | 4,71,747 | 5,05,633 | 4,72,776 |
5. Operating Expenses (i)+(ii) | 46,008 | 40,972 | 38,345 | 1,63,093 | 1,44,207 | 1,67,521 | 1,49,350 |
(i) Employees Cost | 24,866 | 23,507 | 20,090 | 89,196 | 77,154 | 91,305 | 79,543 |
(ii) Other operating expenses | 21,142 | 17,465 | 18,255 | 73,897 | 67,053 | 76,216 | 69,807 |
6. TOTAL EXPENDITURE (4+5) (excluding Provisions and Contingencies) |
1,74,513 |
1,69,266 |
1,59,708 |
6,66,998 |
6,15,954 |
6,73,154 |
6,22,126 |
7. OPERATING PROFIT (3-6) (Profit before Provisions and Contingencies) |
46,915 |
39,735 |
42,004 |
1,62,779 |
1,48,039 |
1,63,477 |
1,46,962 |
8. Provisions (other than Tax) and Contingencies | 3,978 | (82) | 5,503 | 10,675 | 26,840 | 10,520 | 26,760 |
9. Exceptional Items | - | - | - | - | - | - | - |
10. Profit from Ordinary Activities before tax (7-8-9) |
42,937 |
39,817 |
36,501 |
1,52,104 |
1,21,199 |
1,52,957 |
1,20,202 |
11. Tax expense | 14,884 | 13,348 | 8,772 | 51,529 | 37,310 | 51,748 | 37,310 |
12. Net Profit from Ordinary Activities after tax (10- 11) |
28,053 |
26,469 |
27,729 |
1,00,575 |
83,889 |
1,01,209 |
82,892 |
13. Extraordinary items (net of tax expense) | - | - | - | - | - | - | - |
14. Net Profit for the period (12-13) | 28,053 | 26,469 | 27,729 | 1,00,575 | 83,889 | 1,01,209 | 82,892 |
15. Share in Profit of Associate | 4,572 | 2,083 | |||||
16. Consolidated Net Profit of the group (14+15) |
1,05,781 |
84,975 | |||||
17. Paid-up Equity Share Capital (Face value ` 2/- per Equity Share) |
17,133 |
17,122 |
17,106 |
17,133 |
17,106 |
17,133 |
17,106 |
18. Reserves excluding Revaluation Reserve | 7,56,180 | 6,77,452 | 7,52,393 | 6,68,464 | |||
19. Analytical Ratios | |||||||
(i) Percentage of shares held by Government of India |
NIL |
NIL |
NIL |
NIL |
NIL |
NIL |
NIL |
(ii) Capital Adequacy ratio (%) | |||||||
Under Basel III | 15.46 | 14.51 | 15.14 | 15.46 | 15.14 | - | - |
(iii) Earnings per Share (EPS) (in `) | |||||||
(a) Basic and diluted EPS before Extra ordinary Items |
3.27* |
3.09* |
3.24* |
11.75 |
9.81 |
12.35 |
9.93 |
(b) Basic and diluted EPS after Extra ordinary Items |
3.27* |
3.09* |
3.24* |
11.75 |
9.81 |
12.35 |
9.93 |
(iv) NPA Ratios | |||||||
a) Gross NPA | 1,05,773 | 1,06,663 | 1,08,741 | 1,05,773 | 1,08,741 | ||
b) Net NPA | 37,327 | 33,294 | 32,156 | 37,327 | 32,156 | ||
c) % of Gross NPA | 2.04 | 2.19 | 2.46 | 2.04 | 2.46 | ||
d) % of Net NPA | 0.73 | 0.69 | 0.74 | 0.73 | 0.74 | ||
(v) Return on Assets (%) | 0.35* | 0.35* | 0.38* | 1.32 | 1.20 | ||
20. Public Shareholding: | |||||||
Number of Shares (in Lakhs) | 8,399.88 | 8,390.08 | 8,342.86 | 8,399.88 | 8,342.86 | ||
Percentage of shareholding # | 98.05 | 98.00 | 97.54 | 98.05 | 97.54 | ||
21. Promoters and Promoter group share holding | |||||||
(a) Pledged/Encumbered | |||||||
- Number of Shares | NIL | NIL | NIL | NIL | NIL | ||
- Percentage of Shares (as a % of the total shareholding of promoter and promoter group) |
NIL |
NIL |
NIL |
NIL |
NIL | ||
- Percentage of Shares (as a % of the total share capital of the company) |
NIL |
NIL |
NIL |
NIL |
NIL | ||
(b) Non-encumbered | |||||||
- Number of Shares | NIL | NIL | NIL | NIL | NIL | ||
- Percentage of Shares (as a % of the total shareholding of promoter and promoter group) |
NIL |
NIL |
NIL |
NIL |
NIL | ||
- Percentage of Shares (as a % of the total share capital of the company) |
NIL |
NIL |
NIL |
NIL |
NIL | ||
* Not annualised
# excludes shares held by custodian against which Global Depository Receipts issued.
Segment Information@ (` in Lakhs) | |||||||
Particulars | Quarter ended | Year ended | Consolidated figures for the year ended | ||||
31.03.2015 | 31.12.2014 | 31.03.2014 | 31.03.2015 | 31.03.2014 | 31.03.2015 | 31.03.2014 | |
Audited (Refer Note 10 below) |
Unaudited | Audited (Refer Note 10 below) |
Audited |
Audited |
Audited |
Audited | |
Segment Revenue: | |||||||
Treasury | 60,377 | 56,502 | 55,930 | 2,25,027 | 2,11,792 | 2,25,027 | 2,11,792 |
Corporate/Wholesale Banking | 59,886 | 59,071 | 47,735 | 2,34,993 | 2,23,340 | 2,34,993 | 2,23,340 |
Retail Banking | 96,621 | 91,890 | 86,627 | 3,57,797 | 3,14,658 | 3,64,651 | 3,19,753 |
Other Banking operations | 4,544 | 1,538 | 11,420 | 11,960 | 14,203 | 11,960 | 14,203 |
Unallocated | - | - | - | - | - | - | |
Total Revenue | 2,21,428 | 2,09,001 | 2,01,712 | 8,29,777 | 7,63,993 | 8,36,631 | 7,69,088 |
Less: Inter Segment Revenue | - | - | - | - | - | - | - |
Income from Operations | 2,21,428 | 2,09,001 | 2,01,712 | 8,29,777 | 7,63,993 | 8,36,631 | 7,69,088 |
Segment Results (net of provisions): | |||||||
Treasury | 9,623 | 12,119 | 2,004 | 34,218 | 14,990 | 34,218 | 14,990 |
Corporate/Wholesale Banking | 3,190 | 4,943 | 4,087 | 33,399 | 29,162 | 33,399 | 29,162 |
Retail Banking | 26,658 | 22,218 | 20,033 | 76,112 | 66,346 | 76,112 | 65,322 |
Other Banking operations | 4,167 | 1,040 | 10,806 | 10,372 | 12,179 | 11,225 | 12,180 |
Unallocated | (701) | (503) | (429) | (1,997) | (1,478) | (1,997) | (1,452) |
Profit before tax | 42,937 | 39,817 | 36,501 | 1,52,104 | 1,21,199 | 1,52,957 | 1,20,202 |
Capital employed: | |||||||
Treasury | 2,57,003 | 3,25,530 | 2,62,520 | 2,57,003 | 2,62,520 | 2,57,003 | 2,62,520 |
Corporate/Wholesale Banking | 1,33,845 | 1,04,472 | 1,08,720 | 1,33,845 | 1,08,720 | 1,33,845 | 1,08,720 |
Retail Banking | 1,96,520 | 1,58,487 | 1,52,266 | 1,96,520 | 1,52,266 | 1,92,734 | 1,43,278 |
Other Banking operations | 2,432 | 1,344 | 1,539 | 2,432 | 1,539 | 2,432 | 1,539 |
Unallocated | 1,84,013 | 1,78,157 | 1,70,014 | 1,84,013 | 1,70,014 | 1,84,013 | 1,70,014 |
Total | 7,73,813 | 7,67,990 | 6,95,059 | 7,73,813 | 6,95,059 | 7,70,027 | 6,86,071 |
@ For the above segment reporting, the reportable segments are identified into Treasury, Corporate/Wholesale Banking, Retail Banking and Other Banking
Operations in compliance with the revised RBI guidelines. The Bank mainly operates in India.
Notes:
1 Statement of Assets and Liabilitiesof the bank as on 31st March, 2015 is given below:
(` in Lakhs)
Particulars | As at 31.03.2015 Audited | As at 31.03.2014 Audited |
CAPITAL AND LIABILITIES | ||
Capital | 17,133 | 17,106 |
Reserves and Surplus | 7,56,680 | 6,77,953 |
Deposits | 70,82,499 | 59,73,128 |
Borrowings | 2,30,825 | 5,68,796 |
Other Liabilities and Provisions | 1,97,911 | 2,22,432 |
Total | 82,85,048 | 74,59,415 |
ASSETS | ||
Cash and Balances with Reserve Bank of India |
3,37,954 |
3,10,429 |
Balance with Banks and Money at Call and Short Notice |
1,40,045 |
1,42,509 |
Investments | 24,40,920 | 24,11,785 |
Advances | 51,28,499 | 43,43,610 |
Fixed Assets | 46,663 | 42,496 |
Other Assets | 1,90,967 | 2,08,586 |
Total | 82,85,048 | 74,59,415 |
2 The above financial results have been taken on record by the Audit Committee and approved by the Board of Directors at its meeting held on 29th April, 2015.
3 As a prudent policy, the Bank holds provisions for Non Performing Assets over and above the minimum required under the Reserve Bank of India (RBI) norms. Further, provision for standard assets including requirements for exposures to entities with Unhedged Foreign Currency Exposures and provision for restructured advances have been made as per RBI guidelines.
4 The Pension liability arising on exercise of second option by employees (other than separated/retired employees) is being amortized equally over a period of 5 years commencing from the year ended on 31.03.2011, and accordingly an amount of ` 3368 Lakhs, being the proportionate liability in respect thereof, for the year ended 31.03.2015 (` 842 Lakhs for the quarter ended 31.03.2015) have been charged to Profit and Loss Account and the amortization is complete as permitted by the Reserve Bank of India vide letter No. DBOD.BP.BC.15896/21.04.018/2010-11 dated 08th April,2011.
5 a) The bank has adopted the revised useful life of assets as per Schedule II of the Companies Act, 2013. As a result, there is a charge of Rs 232 Lakhs (net of deferred tax) to the opening balance of retained earnings in respect of assets whose useful life has expired as on 1stApril, 2014.
b) The bank has changed the method of providing depreciation from written down value method to Straight line method for certain assets from 1st April, 2014 . This change in method has resulted in excess depreciation charge in earlier years amounting to ` 2437 Lakhs which has been reversed to Profit and Loss Account for the quarter and nine months ended 31st December, 2014
Had the bank followed the earlier method of providing depreciation, the charge for the quarter and year ended 31st March, 2015 would have been higher by ` 252 lakhs and ` 469 lakhs respectively.
6 RBI circular DBOD.No.BP.BC.6/21.06.201/2014-15 dated July 01, 2014 on Basel III Capital Regulations contains guidelines on certain Pillar 3 disclosure requirements that are to be made along with the publication of financial results. Accordingly, such applicable disclosures have been placed on the website of the Bank which can be accessed at the following link: http://www.federalbank.co.in/regulatory-disclosures. These disclosures have not been subjected to review by the statutory central auditors of the bank.
7 Number of Investor complaints received and disposed off during the quarter ended 31st March 2015:
a) Pending at the beginning of the quarter b) Received during the quarter
c) Disposed off during the quarter
d) Pending at the end of the quarter
: 2
: 12
: 14
: NIL
8 The Board of Directors have recommended a dividend of 110% i.e. ` 2.20 per Equity Share on face value of ` 2/- each for the year 2014-15 (previous year 100% i.e ` 2 per Equity Share) subject to the approval of the members in the ensuing Annual General Meeting.
9 During the year ended 31st March 2015, the Bank had allotted 13,40,412 Equity Shares (5,56,143 Equity Shares during the quarter ended 31.03.2015) pursuant to the exercise of stock options by certain employees.
10 The figures of the last quarter are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures upto the end of third quarter of the respective financial year.
11 Previous period / year figures have been regrouped / reclassified, where necessary to conform to current period/ Year classification.
Kochi
29th April, 2015
SHYAM SRINIVASAN MANAGING DIRECTOR & CEO
(DIN: 02274773)