Federal Bank Ltd (The)
25 January 2007
THE FEDERAL BANK LTD.
Regd Office: Aluva, Kerala
UNAUDITED FINANCIAL RESULTS
For the Quarter ended 31 December 2006
(Rs crore)
Quarter ended Nine months period ended Year ended
31 March
31 December 31 December 2006
2006 2005 2006 2005 (Audited)
1. Interest earned (a)+(b)+(c)+(d) 444.10 362.47 1286.08 1046.22 1436.53
(a) Interest/discount on advances/ 320.03 237.06 899.63 654.37 916.00
bills
(b) Income on Investments 120.70 119.90 353.45 337.48 458.17
(c) Interest on balances with RBI 2.48 4.89 30.38 31.70 35.94
and other inter bank funds
(d) Others 0.89 0.62 2.62 22.67 26.42
2. Other Income 54.47 48.40 181.33 147.22 216.95
A. TOTAL INCOME (1+2) 498.57 410.87 1467.41 1193.44 1653.48
3. Interest expended 265.75 213.03 781.65 618.64 836.73
4. Operating Expenses (a)+(b) 97.30 85.25 297.50 265.33 364.57
(a) Payments to and provisions for 60.21 51.82 190.71 167.58 228.36
employees
(b) Other operating expenses 37.09 33.43 106.79 97.75 136.21
B. TOTAL EXPENDITURE (3)+(4) 363.05 298.28 1079.15 883.97 1201.30
(excluding Provisions and
Contingencies)
C. OPERATING PROFIT (A-B) 135.52 112.59 388.26 309.47 452.18
(Profit before Provisions and
Contingencies)
D. Other Provisions and Contingencies 19.59 19.87 128.10 90.14 171.41
(of which provision for NPAs) (19.66) (5.05) (81.84) (58.00) (95.58)
E. Provision for Taxes 32.09 21.08 66.68 44.85 55.56
F. NET PROFIT (C-D-E) 83.84 71.64 193.48 174.48 225.21
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 (%) 14.60 11.34 14.60 11.34 13.75
(iii) Earnings per Share-Basic (Rs.) 9.79* 10.92* 22.60* 26.60* 32.71
(iv) (a) Amount of Gross
Non-performing Assets 528.26 565.33 528.26 565.33 563.05
(b) Amount of Net
Non-performing Assets 78.40 147.68 78.40 147.68 111.60
(c) % of Gross NPAs 3.76 5.17 3.76 5.17 4.62
(d) % of Net NPAs 0.58 1.41 0.58 1.41 0.95
8. Aggregate of Non-Promoter
Shareholding:
- Number of Shares 856.03 lakh 656.02 lakh 856.03 lakh 656.02 lakh 856.03 lakh
- Percentage of shareholding 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. '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 in the quarter ended
September 2006 instead of adjusting against the opening balance of Revenue
Reserves & Surplus as per the said standard.
4. 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.
5. 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.
6. The Bank had 2 investor complaints pending as on 30 September 2006
and has received 37 complaints during the quarter. All these complaints were
disposed of and there are no complaints pending as on 31 December 2006.
7. 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 25 January 2007.
8. As a prudent policy Bank has decided to make appropriation of 5% of
its net profit every year towards the marked to market losses in the investments
held in the HTM category. After appropriating Rs.9.67 crore during the period
Bank holds Rs.166.34 crore under its Investment Fluctuation Reserve.
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 Nine months period ended Year ended
31 Dec 2006 31 Dec 2005 31 Dec 2006 31 Dec 2005 31 March 2006
Segment Revenue:
Treasury operations 124.23 123.28 395.47 363.96 483.50
Banking operations (other 374.34 287.59 1071.94 829.48 1169.98
than Treasury)
Total Revenue 498.57 410.87 1467.41 1193.44 1653.48
Segment Results (net of
provisions):
Treasury operations 9.31 9.46 51.35 31.05 37.06
Banking operations (other 106.62 83.26 208.81 188.28 243.71
than Treasury)
Total Profit before Tax 115.93 92.72 260.16 219.33 280.77
Capital employed:
Treasury operations 166.02 61.46 166.02 61.46 139.96
Banking operations (other 1277.45 836.37 1277.45 836.37 1110.04
than Treasury)
Total 1443.47 897.83 1443.47 897.83 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
25 January 2007 CHAIRMAN
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