Federal Bank Ltd The: 3rd Quarter Results | Company Announcements

Friday 16 January, 2009

Federal Bank Ltd The

3rd Quarter Results

RNS Number : 7695L

Federal Bank Ltd (The)

16 January 2009

THE FEDERAL BANK LIMITED REGD. OFFICE: ALUVA

	UNAUDITED FINANCIAL RESULTS
	FOR THE QUARTER ENDED 31 DECEMBER 2008
						(Rs.Crore)
		Quarter ended 31 December		Nine months period ended 31 December		Year ended 31 March 2008
		2008 (Unaudited)	2007 (Unaudited)	2008 (Unaudited)	2007 (Unaudited)	(Audited)
1. Interest earned (a)+(b)+(c)+(d)		876.42	648.66	2449.64	1798.25	2515.44
(a) Interest/discount on advances/bills		700.32	475.92	1899.34	1307.96	1827.32
(b) Income on Investments		166.50	159.69	517.47	441.74	621.80
(c) Interest on balances with RBI and other inter bank funds		6.84	13.02	20.32	34.14	37.47
(d) Others		2.76	0.03	12.51	14.41	28.85
2. Other Income		164.81	84.95	365.23	270.12	394.99
3. TOTAL INCOME (1+2)		1041.23	733.61	2814.87	2068.37	2910.43
4. Interest expended		491.83	444.96	1455.08	1203.26	1647.43
5. Operating Expenses (i)+(ii)		164.99	121.02	418.93	332.43	468.88
(i) Employee Cost		102.95	71.58	240.59	197.58	271.23
(ii) Other operating expenses		62.04	49.44	178.34	134.85	197.65
6. TOTAL EXPENDITURE (4)+(5) (excluding Provisions and Contingencies)		656.82	565.98	1874.01	1535.69	2116.31
7. OPERATING PROFIT (3-6)		384.41	167.63	940.86	532.68	794.12
(Profit before Provisions and Contingencies)
8. Provisions (other than tax) and Contingencies		49.97	34.53	379.24	156.31	293.97
9. Exceptional Items		Nil	Nil	Nil	Nil	Nil
10. Profit (+)/Loss(-) from Ordinary Activities before tax (7-8-9)		334.44	133.10	561.62	376.37	500.15
11. Tax expense		130.55	30.18	175.30	111.18	132.10
12. Net Profit(+)/Loss(-) from Ordinary Activities after tax (10-11)		203.89	102.92	386.32	265.19	368.05
13. Extra ordinary items (net of tax expense)		Nil	Nil	Nil	Nil	Nil
14. Net Profit(+)/Loss(-) for the period (12-13)		203.89	102.92	386.32	265.19	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 (%)		19.85	13.12	19.85	13.12	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		11.92* 11.92*	12.02* 12.02*	22.59* 22.59*	30.98* 30.98*	32.42 32.42
(iv) NPA Ratios
a) Gross NPA		625.72	494.75	625.72	494.75	468.59
b) Net NPA		70.61	51.40	70.61	51.40	43.20
c) % of Gross NPA		2.83	2.76	2.83	2.76	2.42
d) % of Net NPA		0.33	0.29	0.33	0.29	0.23
(v) Return on Assets (%)		0.62*	0.36*	1.17*	1.00*	1.34
18. Public Shareholding:
- Number of Shares		1614.31lakh	741.25lakh	1614.31lakh	741.25 lakh	1530.70 Lakh
- Percentage of shareholding		94.44	86.59	94.44	86.59	89.55%

* Not annualised

Segment Information @

(Rs. crore)

	Quarter ended		Nine months period ended		Year ended
	31-Dec-08	31-Dec-07	31-Dec-08	31-Dec-07	31-Mar-08
Segment Revenue:
Treasury operations	232.29	183.97	574.35	496.08	703.24
Corporate/Wholesale Banking	132.70	549.64	518.29	1572.29	533.60
Retail Banking	665.95		1686.67		1605.82
Other Banking operations	10.29		35.56		67.77
Total Revenue	1041.23	733.61	2814.87	2068.37	2910.43
Segment Results (net of provisions):
Treasury operations	151.69	13.65	32.92	38.04	-6.46
Corporate/Wholesale Banking	-50.03	119.45	7.44	338.33	31.86
Retail Banking	238.59		541.70		466.10
Other Banking operations	-5.81		-20.44		8.65
Total Profit before Tax	334.44	133.10	561.62	376.37	500.15
Capital employed:
Treasury operations	1307.21	180.81	1307.21	180.81	1334.21
Corporate/Wholesale Banking	1100.88	1586.39	1100.88	1586.39	845.89
Retail Banking	1899.07		1899.07		1736.23
Other Banking operations	4.86		4.86		9.37
Total	4312.02	1767.20	4312.02	1767.20	3925.70

@ For the year ended 31 March 2008 and quarter/nine months ended 31 Dec 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 corresponding 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.
Necessary adjustments have been made in respect of Agricultural Debt Waiver and Debt Relief Scheme-2008, based on the data now available, which are subject to audit by Statutory Central Auditors. In terms of the recent RBI circular allowing interest to banks on the dues under the scheme, the provision of Rs.20 crore made in the previous quarter on determining the present value of such dues from the government has been written back in this quarter.
The Bank had no investor complaints pending as on 30 September 2008. All the 18 complaints received during the quarter were disposed off and there are no pending complaints as on 31 December 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 16 January 2009.

Kochi M. VENUGOPALAN

16 January 2009 MANAGING DIRECTOR & CEO

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