Federal Bk S Regulatory News (FEDS)

23 Oct 2006 13:50

Federal Bank Ltd (The)23 October 2006 THE FEDERAL BANK LTD. Regd Office: Aluva, Kerala UNAUDITED FINANCIAL RESULTS For the Quarter ended 30 September 2006 (Rs crore) Quarter ended Half year ended Year ended 31 March 30 September 30 September 2006 2006 2005 2006 2005 (Audited)1. Interest earned (a)+(b)+(c)+(d) 433.71 336.46 841.98 683.75 1436.53 (a) Interest/discount on advances/ 300.96 212.33 579.60 417.31 916.00bills (b) Income on Investments 117.64 113.98 232.75 217.58 458.17 (c) Interest on balances with RBI 14.21 9.25 27.90 26.81 35.94and other inter bank funds (d) Others 0.90 0.90 1.73 22.05 26.422. Other Income 72.61 56.61 126.86 98.82 216.95A. TOTAL INCOME (1+2) 506.32 393.07 968.84 782.57 1653.483. Interest expended 266.24 202.49 515.90 405.61 836.734. Operating Expenses (a)+(b) 101.07 88.82 200.20 180.08 364.57 (a) Payments to and provisions for 65.59 56.41 130.50 115.76 228.36employees (b) Other operating expenses 35.48 32.41 69.70 64.32 136.21B. TOTAL EXPENDITURE (3)+(4) 367.31 291.31 716.10 585.69 1201.30(excluding Provisions andContingencies)C. OPERATING PROFIT (A-B) 139.01 101.76 252.74 196.88 452.18 (Profit before Provisions andContingencies)D. Other Provisions and Contingencies 52.59 37.08 108.51 70.27 171.41 (of which provision for NPAs) (37.67) (28.85) (62.18) (52.95) (95.58)E. Provision for Taxes 16.96 10.52 34.59 23.77 55.56F. NET PROFIT (C-D-E) 69.46 54.16 109.64 102.84 225.215. Paid-up equity share capital 85.60 65.60 85.60 65.60 85.606. Reserves excluding revaluationreserve (as per Balance Sheet of theprevious accounting year) 1157.307. Analytical Ratios (i) Percentage of shares held by NIL NIL NIL NIL NILGovernment of India (ii) Capital Adequacy ratio (%) 12.80 11.37 12.80 11.37 13.75 (iii) Earnings per Share-Basic (Rs.) *8.11 *8.26 *12.81 *15.68 32.71 (iv) (a) Amount of GrossNon-performing Assets 543.96 588.84 543.96 588.84 563.05 (b) Amount of NetNon-performing Assets 85.58 151.11 85.58 151.11 111.60 (c) % of Gross NPAs 4.13 5.97 4.13 5.97 4.62 (d) % of Net NPAs 0.67 1.60 0.67 1.60 0.958. Aggregate of Non-PromoterShareholding: - Number of Shares 856.03 lakh 656.02 856.03 lakh 656.02 lakh 856.03 lakh- Percentage of shareholding lakh 100 100 100 100 100 * Not annualised. Notes:- 1. As a prudent policy, the Bank holds provisions for NPAs and StandardAssets over and above the minimum required under the RBI norms. The saidprovisions have not been utilised for provision required for the above period. 2. Provisions for standard assets and also for gratuity, pension, bonus,income-tax including deferred tax and fringe benefit tax and other usual andnecessary items have been made on estimated basis. 3. Bank has introduced a Voluntary Separation Scheme for its employeesduring the period. An amount of Rs.20.96 crore has been provided under 'OtherProvisions and Contingencies' on an estimated basis towards payments to be madeunder the scheme. 4. 'Payments to and Provisions for employees' include a sum of Rs.15.30crore being the provision made under revised Accounting Standard 15 (AS-15) on 'Employee Benefits' issued by the Institute of Chartered Accountants of India.The said sum has been debited to the Profit & Loss Account instead of adjustingagainst the opening balance of Revenue Reserves & Surplus as per the saidstandard. 5. As per the Scheme of amalgamation notified by the Central Governmentand communicated by RBI, The Ganesh Bank of Kurundwad Ltd has been amalgamatedwith the Bank with effect from 2 September 2006. Pending completion of audit andthe certification of the Balance Sheet and other statements by the Auditors theworking results of the said Bank have not been considered in the abovestatement. 6. Reconciliation/adjustment of outstanding entries in Inter branch/Office transactions is in progress. In the opinion of the Bank, consequentialeffect of the same on the revenue/assets/liabilities is not likely to bematerial. 7. The Bank had 2 investor complaints pending as on 30 June 2006 and hasreceived 25 complaints during the quarter. Out of this, 25 complaints weredisposed of and 2 are pending as on 30 September 2006. 8. The above financial results, subjected to limited review by statutorycentral auditors, have been taken on record by the Board of Directors at itsmeeting held on 23 October 2006. 9. Figures for the previous periods have been recast/regrouped wherevernecessary. Segment Information The Bank's operations are classified into two business segments, viz, TreasuryOperations (investment and trading in securities, shares, debentures etc) andBanking Operations (other than Treasury), and the information on them is asunder. (Rs. crore) Quarter ended Six months period ended Year ended 30 Sept 2006 30 Sept 2005 30 Sept 2006 30 Sept 2005 31 March 2006Segment Revenue: Treasury operations 147.78 123.68 271.24 240.68 483.50 Banking operations (other 358.54 269.39 697.60 541.89 1169.98than Treasury) Total Revenue 506.32 393.07 968.84 782.57 1653.48Segment Results (net ofprovisions): Treasury operations 64.28 14.91 42.04 21.59 37.06 Banking operations (other 22.14 49.77 102.19 105.02 243.71than Treasury) Total Profit before Tax 86.42 64.68 144.23 126.61 280.77Capital employed: Treasury operations 176.92 65.52 176.92 65.52 139.96 Banking operations (other 1182.71 760.67 1182.71 760.67 1110.04than Treasury) Total 1359.63 826.19 1359.63 826.19 1250.00 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 Banking operations. Kochi M. VENUGOPALAN23 October 2006 CHAIRMAN This information is provided by RNS The company news service from the London Stock Exchange