Federal Bank Ltd The: Interim Results | Company Announcements

Monday 29 October, 2007

Federal Bank Ltd The

Interim Results

Federal Bank Ltd (The)
27 October 2007

THE FEDERAL BANK LIMITED
REGD. OFFICE: ALUVA

AUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 30 SEPTEMBER 2007
(Rs. Crore)
Quarter ended Half Year ended Year ended
30 September 30 September 31 March 2007
2007 2006 2007 2006 (Audited)
(Audited) (Unaudited) (Audited) (Unaudited)
1. Interest earned (a)+(b)+(c)+(d) 598.15 433.71 1157.37 841.98 1817.35
(a) Interest/discount on advances/ 427.46 300.96 832.04 579.6 1281.45
bills
(b) Income on Investments 152.41 117.64 289.83 232.75 482.49
(c) Interest on balances with RBI 9.31 14.21 21.12 27.90 43.81
and other inter bank funds
(d) Others 8.97 0.90 14.38 1.73 9.60
2. Other Income 76.91 72.61 177.39 126.86 286.69
3. TOTAL INCOME (1+2) 675.06 506.32 1334.76 968.84 2104.04
4. Interest expended 391.84 266.24 758.30 515.90 1084.96
5. Operating Expenses (i)+(ii) 106.60 101.07 211.41 200.20 406.10
(i) Employee Cost 62.88 65.59 126.00 130.50 260.45
(ii) Other operating expenses 43.72 35.48 85.41 69.70 145.65
6. TOTAL EXPENDITURE (4)+(5) 498.44 367.31 969.71 716.10 1491.06
(excluding Provisions and
Contingencies)
7. OPERATING PROFIT (3-6) 176.62 139.01 365.05 252.74 612.98
(Profit before Provisions and
Contingencies)
8. Provisions (other than tax) and 54.79 52.59 121.78 108.51 214.75
Contingencies
9. Exceptional Items Nil Nil Nil Nil Nil
10. Profit (+)/Loss(-) from Ordinary 121.83 86.42 243.27 144.23 398.23
Activities before tax (7-8-9)
11. Tax expense 26.50 16.96 81.00 34.59 105.50
12. Net Profit(+)/Loss(-) from 95.33 69.46 162.27 109.64 292.73
Ordinary Activities after tax (10-11)
13. Extra ordinary items (net of tax Nil Nil Nil Nil Nil
expense)
14. Net Profit(+)/Loss(-) for the 95.33 69.46 162.27 109.64 292.73
period (12-13)
15. Paid-up equity share capital 85.60 85.60 85.60 85.60 85.60
(Face value Rs.10/-)
16. Reserves excluding revaluation
reserve (as per Balance Sheet of the 1409.98
previous accounting year)
17. Analytical Ratios
(i) Percentage of shares held by Nil NIL Nil NIL NIL
Government of India
(ii) Capital Adequacy ratio (%) 13.08 12.80 13.08 12.80 13.43
(iii) Earnings per Share (EPS)

a) Basic and diluted EPS before 11.14* 8.11* 18.96* 12.81* 34.20
Extra ordinary items (net of tax
expense)

b) Basic and diluted EPS after 11.14* 8.11* 18.96* 12.81* 34.2
Extra ordinary items
(iv) NPA Ratios
a) Gross NPA 472.90 543.96 472.90 543.96 450.80
b) Net NPA 69.80 85.58 69.80 85.58 65.05
c) % of Gross NPA 2.85 4.13 2.85 4.13 2.95
d) % of Net NPA 0.43 0.67 0.43 0.67 0.44
(v) Return on Assets (%) 0.38* 0.34* 0.66* 0.54* 1.38
18. Public Shareholding:
- Number of Shares 741.25lakh 690.24lakh 741.25lakh 690.24lakh 725.16 lakh
- Percentage of 86.59 80.63 86.59 80.63 84.71
shareholding

* 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.

2. Provisions for standard assets, non-performing assets and also for
gratuity, pension, bonus, income-tax including deferred tax & fringe benefit tax
and other usual and necessary items have been made on estimated basis.

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 results for the quarter ended 30 September 2007 include the figures
of the erstwhile The Ganesh Bank of Kurundwad Ltd which was amalgamated with the
Bank with effect from 2 September 2006.

5. The Bank had no investor complaints pending as on 30 June 2007. All the
15 complaints received during the quarter were disposed off and there are no
pending complaints as on 30 September 2007.

6. Details of Customer complaints are given below.
a. No. of complaints pending at the beginning of the quarter 18
b. No. of complaints received during the quarter 175
c. No. of complaints redressed during the quarter 123
d. No. of complaints pending at the end of the quarter 70

7. Details of awards passed by the Banking Ombudsman are given below.
a. No. of unimplemented Awards at the beginning of the quarter 1 (under appeal)
b. No. of Awards passed during the quarter 1
c. No. of Awards implemented during the quarter 1(appeal admitted)
d. No. of unimplemented Awards at the end of the quarter 1 (under appeal)

8. The consolidated figures of the Bank and its fully owned subsidiary for
the half year ended 30 September 2007 are as under:

a) Consolidated turnover : Rs.1334.96 crore

b) Consolidated profit after tax : Rs.162.21 crore

c) Consolidated EPS : Rs.18.95

9. The above financial results have been reviewed by the Audit Committee
and approved by the Board of Directors at its meeting held on 25 October 2007.

Segment Information

Information is provided below on the Bank's operations, classified into two
business segments, viz, Treasury Operations (investment and trading in
securities, shares, debentures, etc) and Banking Operations (other than
Treasury).

(Rs. crore)
Quarter ended Six months period ended Year ended
30-Sep-07 30-Sep-06 30-Sep-07 30-Sep-06 31-Mar-07
Segment Revenue:
Treasury operations 165.13 147.78 312.11 271.24 523.98
Banking operations (other than 509.93 358.54 1022.65 697.6 1580.06
Treasury)
Total Revenue 675.06 506.32 1334.76 968.84 2104.04
Segment Results (net of provisions):
Treasury operations 23.72 64.28 24.39 42.04 -0.97
Banking operations (other than 98.11 22.14 218.18 102.19 399.20
Treasury)
Total Profit before Tax 121.83 86.42 243.27 144.23 398.23
Capital employed:
Treasury operations 186.23 176.92 186.23 176.92 158.71
Banking operations (other than 1478.02 1182.71 1478.02 1182.71 1343.50
Treasury)
Total 1664.25 1359.63 1664.25 1359.63 1502.21

The Bank has only the Domestic geographic segment. Residual operations, being
of insignificant volume, have not been considered as a separate reportable
segment, but included in Banking Operations.

Kochi M. VENUGOPALAN
25 October 2007 CHAIRMAN

We certify that the above financial results do not contain any false or
misleading statement or figures and do not omit any material fact which may make
the statements or figures contained therein misleading.

(George John) (M Venugopalan)
Chief Financial Officer Chairman

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