Last checked at 27 May 2008 07:00
| THE FEDERAL BANK LIMITED REGD. OFFICE: ALUVA | |||||||
| | | | | | |||
| | AUDITED FINANCIAL RESULTS | | |||||
| | FOR THE QUARTER & YEAR ENDED 31 MARCH 2008 | | |||||
| | | | | | | (Rs. Crore) | |
| | Quarter ended 31 March | Year ended 31 March | Consolidated figures for the year ended 31 March | |||
| | 2008 | 2007 | 2008 | 2007 | 2008 | 2007 |
| 1. Interest earned (a)+(b)+(c)+(d) | 717.19 | 527.32 | 2515.44 | 1801.45 | 2515.44 | 1801.45 |
| (a) Interest/discount on advances/bills | 519.36 | 381.82 | 1827.32 | 1281.45 | 1827.32 | 1281.45 |
| (b) Income on Investments | 180.06 | 125.09 | 621.80 | 466.59 | 621.80 | 466.59 |
| (c) Interest on balances with RBI and other inter bank funds | 3.33 | 13.43 | 37.47 | 43.81 | 37.47 | 43.81 |
| (d) Others | 14.44 | 6.98 | 28.85 | 9.60 | 28.85 | 9.60 |
| 2. Other Income | 124.87 | 109.31 | 394.99 | 302.59 | 394.99 | 302.59 |
| 3. TOTAL INCOME (1+2) | 842.06 | 636.63 | 2910.43 | 2104.04 | 2910.43 | 2104.04 |
| 4. Interest expended | 444.17 | 303.31 | 1647.43 | 1084.96 | 1646.83 | 1084.89 |
| 5. Operating Expenses (i)+(ii) | 136.45 | 108.60 | 468.88 | 406.10 | 470.51 | 406.14 |
| (i) Employee Cost | 73.65 | 69.74 | 271.23 | 260.45 | 272.93 | 260.48 |
| (ii) Other operating expenses | 62.80 | 38.86 | 197.65 | 145.65 | 197.58 | 145.66 |
| 6. TOTAL EXPENDITURE (4)+(5) (excluding Provisions and Contingencies) | 580.62 | 411.91 | 2116.31 | 1491.06 | 2117.34 | 1491.03 |
| 7. OPERATING PROFIT (3-6) | 261.44 | 224.72 | 794.12 | 612.98 | 793.09 | 613.01 |
| (Profit before Provisions and Contingencies) | | | | | | |
| 8. Provisions (other than tax) and Contingencies | 137.66 | 86.65 | 293.97 | 214.75 | 300.90 | 214.75 |
| 9. Exceptional Items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 10. Profit (+)/Loss(-) from Ordinary Activities before tax (7-8-9) | 123.78 | 138.07 | 500.15 | 398.23 | 492.19 | 398.26 |
| 11. Tax expense | 20.92 | 38.82 | 132.10 | 105.50 | 132.12 | 105.51 |
| 12. Net Profit(+)/Loss(-) from Ordinary Activities after tax (10-11) | 102.86 | 99.25 | 368.05 | 292.73 | 360.07 | 292.75 |
| 13. Extra ordinary items (net of tax expense) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 14. Net Profit(+)/Loss(-) for the period (12-13) | 102.86 | 99.25 | 368.05 | 292.73 | 360.07 | 292.75 |
| 15. Paid-up equity share capital (Face value Rs.10/-) | 171.03 | 85.60 | 171.03 | 85.60 | 171.03 | 85.60 |
| 16. Reserves excluding revaluation reserve (as per Balance Sheet of the previous accounting year) | | | 3748.30 | 1409.97 | 3741.32 | 1410.98 |
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| 17. Analytical Ratios | | | | | | |
| (i) Percentage of shares held by Government of India | Nil | Nil | Nil | Nil | Nil | Nil |
| (ii) Capital Adequacy ratio (%) | 22.46 | 13.43 | 22.46 | 13.43 | 22.47 | 13.44 |
| (iii) Earnings per Share (EPS) a) Basic and diluted EPS before Extra ordinary items (net of tax expense) b) Basic and diluted EPS after Extra ordinary items | 6.95* 6.95* | 9.74* 9.74* | 32.42 32.42 | 28.74 28.74 | 31.71 31.71 | 28.74 28.74 |
| (iv) NPA Ratios | | | | | | |
| a) Gross NPA | 468.59 | 450.80 | 468.59 | 450.80 | 468.59 | 450.80 |
| b) Net NPA | 43.20 | 65.05 | 43.20 | 65.05 | 43.20 | 65.05 |
| c) % of Gross NPA | 2.42 | 2.95 | 2.42 | 2.95 | 2.42 | 2.95 |
| d) % of Net NPA | 0.23 | 0.44 | 0.23 | 0.44 | 0.23 | 0.44 |
| (v) Return on Assets (%) | 0.33* | 0.44* | 1.34 | 1.38 | 1.31 | 1.38 |
| 18. Public Shareholding: | | | | | | |
| - Number of Shares | 1530.70 Lakh | 725.16lakh | 1530.70 Lakh | 725.16 lakh | 1530.70 Lakh | 725.16lakh |
| - Percentage of shareholding | 89.55% | 84.71 | 89.55% | 84.71 | 89.55% | 84.71 |
* Not annualised
Notes
As a prudent policy, the Bank holds provisions for NPAs and standard assets over and above the minimum required under the RBI norms.
Provisions for gratuity, pension, leave encashment, wage arrears, bonus, income-tax including deferred tax, fringe benefit tax and other usual and necessary items have also been made.
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.
The Bank had no investor complaints pending as on 31 December 2007. All the 31 complaints received during the quarter were disposed off and there are no pending complaints as on 31 March 2008.
The results for the year ended 31 March 2008 include the figures of the erstwhile " The Ganesh bank of Kurundwad Ltd " which was amalgamated with the Bank with effect from 2nd September 2006. Therefore the figures of the said Bank for the period from 2nd September 2006 to 31st March 2007 were included in the results for the year ended 31st March 2007.
As a prudent policy Bank has appropriated 5% of its net profit towards the marked to market losses in the investments held in the HTM category. After appropriating Rs.18.41 crore (previous year Rs.14.64 crore) during the year, the Bank holds Rs.189.72 crore (previous year Rs.171.31 crore) under its Investment Fluctuation Reserve.
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 issue has been fully subscribed and accounted in this quarter/year under report. The expenditure incurred on the said Rights Issue amounting to Rs.2.29 crore has been charged to Profit & Loss Account.
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.
The Board of Directors have recommended a dividend of 40% on equity shares.
Consolidated financial statements include that of the fully owned subsidiary viz. Fedbank Financial Services Ltd.
Figures for the previous periods have been recast/regrouped wherever necessary.
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 23 May 2008.
Segment Information
(Rs. crore)
|
| Quarter ended | Year ended | ||
| 31-Mar-08 | 31-Mar-07 | 31-Mar-08 | 31-Mar-07 | |
| Segment Revenue: |
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|
|
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| Treasury operations | 207.17 | 128.51 | 703.24 | 523.98 |
| Corporate/Wholesale Banking | 136.85 | 508.12 | 533.60 | 1580.06 |
| Retail Banking | 478.59 | 1605.82 | ||
| Other Banking operations | 19.45 | 67.77 | ||
| Total Revenue | 842.06 | 636.63 | 2910.43 | 2104.04 |
| Segment Results (net of provisions): |
| |||
| Treasury operations | -48.27 | -52.32 | -6.46 | -0.97 |
| Corporate/Wholesale Banking | 2.50 | 190.39 | 31.86 | 399.20 |
| Retail Banking | 165.86 | 466.10 | ||
| Other Banking operations | 3.69 | 8.65 | ||
| Total Profit before Tax | 123.78 | 138.07 | 500.15 | 398.23 |
| Capital employed: |
| |||
| Treasury operations | 1334.21 | 158.71 | 1334.21 | 158.71 |
| Corporate/Wholesale Banking | 845.89 | 1343.50 | 845.89 | 1343.50 |
| Retail Banking | 1736.23 | 1736.23 | ||
| Other Banking operations | 9.37 | 9.37 | ||
| Total | 3925.70 | 1502.21 | 3925.70 | 1502.21 |
For the year and quarter ended 31 March 2008, the reportable segments are identified into Treasury, Corporate/Wholesale banking, Retail Banking and Other Banking Operations in compliance with the revised RBI guidelines issued in April 2007 with effect from 31 March 2008. The figures for the previous period/year are not reclassified and therefore not comparable. The Bank has only the Domestic geographic segment.
Kochi M. VENUGOPALAN
23 May 2008 CHAIRMAN