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/ 300.96 212.33 579.60 417.31 916.00
bills
(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 35.94
and other inter bank funds
(d) Others 0.90 0.90 1.73 22.05 26.42
2. Other Income 72.61 56.61 126.86 98.82 216.95
A. TOTAL INCOME (1+2) 506.32 393.07 968.84 782.57 1653.48
3. Interest expended 266.24 202.49 515.90 405.61 836.73
4. Operating Expenses (a)+(b) 101.07 88.82 200.20 180.08 364.57
(a) Payments to and provisions for 65.59 56.41 130.50 115.76 228.36
employees
(b) Other operating expenses 35.48 32.41 69.70 64.32 136.21
B. TOTAL EXPENDITURE (3)+(4) 367.31 291.31 716.10 585.69 1201.30
(excluding Provisions and
Contingencies)
C. OPERATING PROFIT (A-B) 139.01 101.76 252.74 196.88 452.18
(Profit before Provisions and
Contingencies)
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 55.56
F. NET PROFIT (C-D-E) 69.46 54.16 109.64 102.84 225.21
5. Paid-up equity share capital 85.60 65.60 85.60 65.60 85.60
6. Reserves excluding revaluation
reserve (as per Balance Sheet of the
previous accounting year)
1157.30
7. Analytical Ratios
(i) Percentage of shares held by NIL NIL NIL NIL NIL
Government 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 Gross
Non-performing Assets 543.96 588.84 543.96 588.84 563.05
(b) Amount of Net
Non-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 0.95
8. Aggregate of Non-Promoter
Shareholding:
- 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 Standard
Assets over and above the minimum required under the RBI norms. The said
provisions 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 and
necessary items have been made on estimated basis.
3. Bank has introduced a Voluntary Separation Scheme for its employees
during the period. An amount of Rs.20.96 crore has been provided under 'Other
Provisions and Contingencies' on an estimated basis towards payments to be made
under the scheme.
4. 'Payments to and Provisions for employees' include a sum of Rs.15.30
crore 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 adjusting
against the opening balance of Revenue Reserves & Surplus as per the said
standard.
5. As per the Scheme of amalgamation notified by the Central Government
and communicated by RBI, The Ganesh Bank of Kurundwad Ltd has been amalgamated
with the Bank with effect from 2 September 2006. Pending completion of audit and
the certification of the Balance Sheet and other statements by the Auditors the
working results of the said Bank have not been considered in the above
statement.
6. 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.
7. The Bank had 2 investor complaints pending as on 30 June 2006 and has
received 25 complaints during the quarter. Out of this, 25 complaints were
disposed of and 2 are pending as on 30 September 2006.
8. The above financial results, subjected to limited review by statutory
central auditors, have been taken on record by the Board of Directors at its
meeting held on 23 October 2006.
9. Figures for the previous periods have been recast/regrouped wherever
necessary.
Segment Information
The Bank's operations are classified into two business segments, viz, Treasury
Operations (investment and trading in securities, shares, debentures etc) and
Banking Operations (other than Treasury), and the information on them is as
under.
(Rs. crore)
Quarter ended Six months period ended Year ended
30 Sept 2006 30 Sept 2005 30 Sept 2006 30 Sept 2005 31 March 2006
Segment Revenue:
Treasury operations 147.78 123.68 271.24 240.68 483.50
Banking operations (other 358.54 269.39 697.60 541.89 1169.98
than Treasury)
Total Revenue 506.32 393.07 968.84 782.57 1653.48
Segment Results (net of
provisions):
Treasury operations 64.28 14.91 42.04 21.59 37.06
Banking operations (other 22.14 49.77 102.19 105.02 243.71
than Treasury)
Total Profit before Tax 86.42 64.68 144.23 126.61 280.77
Capital employed:
Treasury operations 176.92 65.52 176.92 65.52 139.96
Banking operations (other 1182.71 760.67 1182.71 760.67 1110.04
than 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 as
a separate reportable segment, and have been included in Banking operations.
Kochi M. VENUGOPALAN
23 October 2006 CHAIRMAN
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