Federal Bk S Regulatory News (FEDS)

2 Jun 2006 11:35

Federal Bank Ltd (The)02 June 2006 THE FEDERAL BANK LTD. Regd Office: Aluva, Kerala AUDITED FINANCIAL RESULTS For the Quarter and Year ended 31 March 2006 (Rs crore) Quarter ended Year ended Consolidated figures for the year ended 31 March 31 March 31 March 2006 2005 2006 2005 2006 2005 1. Interest earned (a)+(b)+(c)+(d) 390.31 291.01 1436.53 1191.03 1436.53 1191.07 (a) Interest/discount on 261.63 193.31 916.00 772.76 916.00 772.76advances/bills (b) Income on Investments 120.69 90.49 458.17 378.98 458.17 378.98 (c) Interest on balances with RBI 4.24 8.53 35.94 27.72 35.94 27.72and other inter bank funds (d) Others 3.75 -1.32 26.42 11.57 26.42 11.612. Other Income 69.73 56.94 216.95 211.98 216.95 211.98A. TOTAL INCOME (1+2) 460.04 347.95 1653.48 1403.01 1653.48 1403.053. Interest expended 218.09 179.31 836.73 688.75 836.67 688.694. Operating Expenses (a)+(b) 99.24 75.90 364.57 313.86 364.65 313.91 (a) Payments to and provisions 60.78 38.14 228.36 185.78 228.43 185.82for employees (b) Other operating expenses 38.46 37.76 136.21 128.08 136.22 128.09B. TOTAL EXPENDITURE (3)+(4) 317.33 255.21 1201.30 1002.61 1201.32 1002.60(excluding Provisions andContingencies)C. OPERATING PROFIT (A-B) 142.71 92.74 452.18 400.40 452.16 400.45(Profit before Provisions andContingencies)D. Other Provisions and 81.27 79.58 171.41 284.33 171.41 284.33Contingencies (of which provision for (37.58) (59.50) (95.58) (135.77) (97.58) (135.77)NPAs)E. Provision for Taxes 10.71 -16.70 55.56 25.98 55.56 25.97F. NET PROFIT (C-D-E) 50.73 29.86 225.21 90.09 225.19 90.155. Paid-up equity share capital 85.60 65.60 85.60 65.60 85.60 65.606. Reserves excluding revaluationreserve (as per Balance Sheet ofthe previous accounting year) 1157.30 650.36 1158.29 651.367. Analytical Ratios (i) Percentage of shares held by NIL NIL NIL NIL NIL NIL Government of India (ii) Capital Adequacy ratio (%) 13.75 11.27 13.75 11.27 13.76 11.28 (iii) Earnings per Share-Basic 7.37* 4.55* 32.71 13.73 32.70 13.74(Rs.) (iv) (a) Amount of GrossNon-performing 563.05 677.79 563.05 677.79 563.05 677.79 Assets (b) Amount of NetNon-performing 111.60 194.51 111.60 194.51 111.60 194.51 Assets 4.62 7.29 4.62 7.29 4.62 7.29 (c) % of Gross NPAs 0.95 2.21 0.95 2.21 0.95 2.21 (d) % of Net NPAs8. Aggregate of Non-PromoterShareholding:- Number of Shares 856.03 656.02 856.03 656.02 856.03 656.02 lakh lakh lakh lakh lakh lakh- Percentage of shareholding 100 100 100 100 100 * Not annualised. Notes 1. As a prudent policy, the Bank has made provisions for NPAs and standard assets over and above the minimum required under the RBI norms. 2. Provisions for gratuity, pension, bonus, income-tax including deferred tax, fringe benefit tax and other usual and necessary items have also been made. 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 Bank had 2 investor complaints pending as on 31 December 2005 and has received 104 complaints during the quarter. Out of this, 104 complaints were disposed of and 2 are pending as on 31 March 2006. 5. Figures of previous period/year have been regrouped and recast wherever necessary. 6. The Bank has issued during the year 2,00,00,000 underlying equity shares of Rs.10/- each towards Global Depository Receipts (including over allotment option of 20,00,000 equity shares) at a premium of Rs164.9976 per share aggregating to Rs329,99,52,000 and the said shares are listed in the National Stock Exchange, Mumbai Stock Exchange and Cochin Stock Exchange. The Global Depository Receipts are listed in the London Stock Exchange. EPS has been worked out as per Accounting Standard 20 issued by the Institute of Chartered Accountants of India. 7. The expenses connected with the issue of Global Depository Receipts of Rs.14.09 crore has been charged to Share Premium Account. 8. 'Other Provisions and Contingencies' for the previous year ended 31 March 2005 include depreciation of Rs.69.97 crore arisen on account of transfer of Rs.1805.30 crore of Govt. securities from AFS category to HTM category as permitted by RBI. 9. The above financial results have been taken on record by the Board of Directors at its meeting held on 19 May 2006. 10. The Board of Directors have recommended a dividend of 35% on equity shares. 11. Consolidated financial statements include that of the fully owned subsidiary viz. Fedbank Financial Services Ltd. Segment Information The Bank's operations are classified into two business segments, viz, TreasuryOperations (investment and trading in securities, shares, debentures etc) andOther Banking Operations (other than Treasury), and the information on them isas under. (Rs. crore) Treasury Other Banking Operations Total Current Previous Current Previous year Current Previous year year year year year Revenue 483.50 444.46 1169.98 958.55 1653.48 1403.01Result (net of provisions) 37.06 -54.67 243.71 170.73 280.77 116.06 Unallocated expenses 0 0Operating profit (PBT) 280.77 116.06Income taxes 55.56 25.97Extraordinary profit/loss 0 0Net Profit 225.21 90.09OTHER INFORMATION Segment Assets 2311.29 1364.33 18331.62 15456.63 20642.91 16820.96Unallocated assets -Total assets 20642.91 16820.96 Segment liabilities 2171.33 1305.67 17221.58 14791.95 19392.91 16097.62Unallocated liabilities -Total liabilities 19392.91 16097.62 The Bank has only the domestic geographic segment. Under business segments,residual operations, being of insignificant volume, have not been considered asa separate reportable segment, and have been included in Other Bankingoperations. Kochi M. VENUGOPALAN19 May 2006 CHAIRMAN This information is provided by RNS The company news service from the London Stock Exchange