Federal Bank Ltd The: Interim Results | Company Announcements

Wednesday 22 October, 2008

Federal Bank Ltd The

Interim Results

RNS Number : 4361G

Federal Bank Ltd (The)

22 October 2008

THE FEDERAL BANK LIMITED REGD. OFFICE: ALUVA

	UNAUDITED FINANCIAL RESULTS
	FOR THE QUARTER ENDED 30 SEPTEMBER 2008
						(Rs. Crore)
		Quarter ended 30 September		Half Year ended 30 September		Year ended 31 March 2008
		2008 (Unaudited)	2007 (Unaudited)	2008 (Unaudited)	2007 (Unaudited)	(Audited)
1. Interest earned (a)+(b)+(c)+(d)		828.10	594.37	1573.22	1149.59	2515.44
(a) Interest/discount on advances/bills		649.02	427.46	1199.02	832.04	1827.32
(b) Income on Investments		170.20	148.63	350.97	282.05	621.80
(c) Interest on balances with RBI and other inter bank funds		6.82	9.31	13.48	21.12	37.47
(d) Others		2.06	8.97	9.75	14.38	28.85
2. Other Income		104.21	80.69	200.42	185.17	394.99
3. TOTAL INCOME (1+2)		932.31	675.06	1773.64	1334.76	2910.43
4. Interest expended		496.32	391.84	963.25	758.30	1647.43
5. Operating Expenses (i)+(ii)		133.06	106.60	253.94	211.41	468.88
(i) Employee Cost		71.52	62.88	137.64	126.00	271.23
(ii) Other operating expenses		61.54	43.72	116.30	85.41	197.65
6. TOTAL EXPENDITURE (4)+(5) (excluding Provisions and Contingencies)		629.38	498.44	1217.19	969.71	2116.31
7. OPERATING PROFIT (3-6)		302.93	176.62	556.45	365.05	794.12
(Profit before Provisions and Contingencies)
8. Provisions (other than tax) and Contingencies		156.87	54.79	329.27	121.78	293.97
9. Exceptional Items		Nil	Nil	Nil	Nil	0.00
10. Profit (+)/Loss(-) from Ordinary Activities before tax (7-8-9)		146.06	121.83	227.18	243.27	500.15
11. Tax expense		31.78	26.50	44.75	81.00	132.10
12. Net Profit(+)/Loss(-) from Ordinary Activities after tax (10-11)		114.28	95.33	182.43	162.27	368.05
13. Extra ordinary items (net of tax expense)		Nil	Nil	Nil	Nil	0.00
14. Net Profit(+)/Loss(-) for the period (12-13)		114.28	95.33	182.43	162.27	368.05
15. Paid-up equity share capital (Face value Rs.10/-)		171.03	85.60	171.03	85.60	171.03
16. Reserves excluding revaluation reserve (as per Balance Sheet of the previous accounting year)						3748.30


17. Analytical Ratios
(i) Percentage of shares held by Government of India		Nil	Nil	Nil	Nil	Nil
(ii) Capital Adequacy ratio (%)		20.81	13.08	20.81	13.08	22.46
(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		6.68* 6.68*	11.14* 11.14*	10.67* 10.67*	18.96* 18.96*	32.42 32.42
(iv) NPA Ratios
a) Gross NPA		571.90	472.90	571.90	472.90	468.59
b) Net NPA		85.28	69.80	85.28	69.80	43.20
c) % of Gross NPA		2.62	2.85	2.62	2.85	2.42
d) % of Net NPA		0.40	0.43	0.40	0.43	0.23
(v) Return on Assets (%)		0.35*	0.38*	0.56*	0.66*	1.34
18. Public Shareholding:
- Number of Shares		1599.16 lakh	741.25lakh	1599.16 lakh	741.25 lakh	1530.70 Lakh
- Percentage of shareholding		93.55	86.59	93.55	86.59	89.55%

* Not annualised

Segment Information @

(Rs. crore)

	Quarter ended		Six months period ended		Year ended
	30-Sep-08	30-Sep-07	30-Sep-08	30-Sep-07	31-Mar-08
Segment Revenue:
Treasury operations	165.99	165.13	342.06	312.11	703.24
Corporate/Wholesale Banking	269.55	509.93	385.59	1022.65	533.60
Retail Banking	486.59		1020.72		1605.82
Other Banking operations	10.18		25.27		67.77
Total Revenue	932.31	675.06	1773.64	1334.76	2910.43
Segment Results (net of provisions):
Treasury operations	17.58	23.72	-118.77	24.39	-6.46
Corporate/Wholesale Banking	70.70	98.11	57.47	218.88	31.86
Retail Banking	78.04		303.11		466.10
Other Banking operations	-20.26		-14.63		8.65
Total Profit before Tax	146.06	121.83	227.18	243.27	500.15
Capital employed:
Treasury operations	1107.43	186.23	1107.43	186.23	1334.21
Corporate/Wholesale Banking	993.70	1478.02	993.70	1478.02	845.89
Retail Banking	2000.42		2000.42		1736.23
Other Banking operations	6.58		6.58		9.37
Total	4108.13	1664.25	4108.13	1664.25	3925.70

@ For the year ended 31 March 2008 and quarter/half year ended 30 Sept 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 periods are not reclassified and therefore not comparable. The Bank has only the Domestic geographic segment.

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, bonus, wage arrears, income-tax including deferred tax & fringe benefit tax and other usual and necessary items have been made on estimated basis.
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.
Government of India has formulated 'Agricultural Debt Waiver and Debt Relief Scheme-2008' for giving debt waiver to marginal and small farmers and relief to other farmers who have availed direct agricultural loans, in respect of which provision has been made during the quarter as required by RBI circular based on the data now available, which is subject to audit by Statutory Central Auditors.
The Bank had no investor complaints pending as on 30 June 2008. All the 22 complaints received during the quarter were disposed off and there are no pending complaints as on 30 September 2008.
Figures for the previous periods have been recast/regrouped wherever necessary.
The above financial results, subjected to limited review by Statutory Central Auditors, have been taken on record by the Audit Committee and approved by the Board of Directors at its meeting held on 18 October 2008.

Kochi M. VENUGOPALAN

18 October 2008 MANAGING DIRECTOR & CEO

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