REVIEWED FINANCIAL RESULTS FOR THE QUARTER ENDED 30th JUNE 2015

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(Rs. In lakhs)




Particulars
3 Months ended  Year ended 
30-Jun-15 31-Mar-15 30-Jun-14 31-Mar-15
Reviewed Audited Reviewed Audited
1. Interest earned (a)+(b)+(c)+(d) 135634 132782 134449 539587
a) Interest / discount on advances  /bills 108254 104446 104771 421131
b) Income on Investments 26829 27778 29094 115816
c) Interest on balances with RBI and other interbank funds 68 54 67 624
d) Others 483 504 517 2016
2. Other Income 16216 17979 11795 58084
3. Total Income (1+2) 151850 150761 146244 597671
4. Interest Expended 93324 93044 100446 392997
5. Operating Expenses (i+ii) 28953 31717 24449 110345
(i) Employees cost 14852 15776 12275 54705
(ii) Other operating expenses 14101 15941 12174 55640
6. Total Expenditure (4+5) excluding provision and contigencies 122277 124761 124895 503342
7. Operating Profit before Provisions and Contingencies (3-6) 29573 26000 21349 94329
8. Provisions (other than tax) and Contingencies 11765 19483 8642 48051
9. Exceptional items 0 0 0 0
10. Profit /(Loss) from Ordinary activities before tax (7-8-9) 17808 6517 12707 46278
11.Tax expense 4350 -6399 500 717
12.Net Profit from ordinary activities after tax(10-11) 13458 12916 12207 45561
13.Extraordinary items (net of tax expense) 0 -867 0 -867
14.Net Profit for the period (12-13) 13458 13783 12207 46428
15.Paid-up equity share capital (FV Rs.10/-) 12186 12163 10729 12163
16.Reserves excluding Revaluation Reserve (as per balance sheet of previous accounting year) 412440 412440 321916 412440
  (` in lakhs)
  3 Months ended  Year ended 
30-Jun-15 31-Mar-15 30-Jun-14 31-Mar-15
Reviewed Audited Reviewed Audited
17. Analytical Ratios
(i) % of shares held by Government of India 0% 0% 0% 0%
(ii) Capital Adequacy Ratio-Basel II 13.63% 14.63% 12.58% 14.63%
Capital Adequacy Ratio-Basel III 13.19% 14.62% 12.49% 14.62%
(iii) Earnings per share (EPS) 
a)Basic EPS before and after extraordinary items (not to be annualized) 11.05 11.83 11.38 39.86
b) Diluted EPS before and after extraordinary items (not to be annualized) 11.05 11.81 11.30 39.78
(iv) NPA Ratios
a) Gross NPA 71307 67778 45096 67778
b) Net NPA 32310 28097 18248 28097
c) % of Gross NPA 1.91% 1.85% 1.30% 1.85%
d) % of Net NPA 0.88% 0.78% 0.53% 0.78%
e) Return on Asset(annualized) 1.00% 1.04% 0.94% 0.88%
18. Public Shareholding
Number of Shares 119228396 119000551 104605801 119000551
% of Shareholding 97.84% 97.84% 97.49% 97.84%
19. Promoters and Promoter Group Shareholding  
a) Pledged / Encumbered        
-Number of Shares 237341 227341 285763 227341
   -Percentage of Shares (as  a % of the total shareholding of promoter and promoter group) 9.00% 8.65% 10.63% 8.65%
-Percentage of Shares (as a % of the total share capital of the Company) 0.19% 0.19% 0.27% 0.19%
 
b) Non - encumbered
- Number of Shares 2398717 2401717 2402165 2401717
- Percentage of Shares (as a % of the total shareholding of the Promoter and  Promoter group) 91.00% 91.35% 89.37% 91.35%
-Percentage of Shares (as a % of the total share capital of the company) 1.97% 1.97% 2.24% 1.97%
  (` in lakhs)



Business Segments
3 Months ended  Year ended 
30-Jun-15 31-Mar-15 30-Jun-14 31-Mar-15
Reviewed Audited Reviewed Audited
Segment Revenue
1. Treasury Operations 28903 32099 30648 128011
2. Corporate/Wholesale Banking Operations 43889 42842 39365 163005
3. Retail Banking Operations 78780 75483 75981 305643
4. Other Banking Operations 278 337 250 1013
Total 151850 150761 146244 597672
Segment Results
1. Treasury Operations 4724 8220 250 24793
2. Corporate/Wholesale Banking Operations 11140 9632 8691 35706
3. Retail Banking Operations 20207 12588 18204 55238
4. Other Banking Operations 254 308 231 933
Total 36325 30748 27376 116670
 
Unallocated Income/Expenses 6752 4747 6027 22340
Operating Profit 29573 26000 21349 94329
Income Taxes 4350 -6399 500 717
Other Provisions 11765 19483 8642 48051
Net Profit from ordinary activities 13458 12916 12207 45561
Extraordinary items 0 867 0 867
Net Profit 13458 13783 12207 46428
Other Information
Segment Assets
1. Treasury Operations 1369645 1238559 1338967 1238559
2. Corporate/Wholesale Banking Operations 1369567 1345414 1252736 1345414
3. Retail Banking Operations 2296845 2265480 2175098 2265480
4. Other Banking Operations 0 0 0 0
5. Unallocated Assets  443019 465795 468928 465795
Total 5479076 5315248 5235729 5315248
Segment Liabilities 
1. Treasury Operations 1364690 1234898 1334075 1234898
2. Corporate/Wholesale Banking Operations 1218039 1206349 1143454 1206349
3. Retail Banking Operations 2042407 2031394 1984919 2031394
4. Other Banking Operations 0 0 0 0
5. Unallocated Liabilities 393670 418004 428138 418004
 
Capital Employed  460270 424603 345143 424603
Total Liabilities 5479076 5315248 5235729 5315248

GEOGRAPHIC SEGMENTS: The Bank operates only in Domestic segment.


Notes:

1) The above financial results for the quarter ended 30th June 2015 have been reviewed by the Audit Committee of the Board and approved by the Board of Directors at the meeting held on 31st July 2015. The same has been subjected to limited review by the Statutory Central Auditors of the Bank.


2) There has been no change in the accounting policies followed during the quarter ended 30th June 2015 as compared to those followed in the preceding financial year ended 31st March 2015.


3) The above interim financial results have been arrived at after considering various provisions as per RBI Guidelines, for loan losses and depreciation on Investments ,Standard Advances, Restructured Advances, exposure to entities with the Unhedged Foreign Currency Exposure. Provison for employees retirement benefits like pension,gratuity and leave encashment have been made as per Acturial valuation. Provision for Income Tax, Deferred Tax and other contingencies are on estimated and proportionate basis and are subject to adjustments if any, at the year end.


4) Provision of Rs 32.45 crore has been made during the quarter towards in final balance in wage arears, based on 10th Bi-partitie settlement, which is effective from November 01,2012.


5) During the quarter ended 30th June 2015, the Bank had allotted 2,34,845 shares persuant to the exercise of stock options by certain employees at Rs 275 per share and Rs 10.75 crore has been credited to share premium account.


6) In accordance with the RBI circular DBOD. No. BPBC.1/21.06.201/2015-16 dated 01.07.2015, the banks are required to make quarterly Pillar 3 disclosures under Basel III Capital Regulations. Accordingly,such applicable disclosures have been made available on the banks website at the following link http://www.kvb.co.in/footer/pillarIII_disclosures.html These quarterly Pillar 3 disclosures have not been subjected to limited review by Statutory Auditors of the Bank.


7) The figures for the quarter ended March 31, 2015 are the balancing figures between audited figures in respect of financial year 2014-15 and the published year to date figures upto the end of the third quarter of the financial year ended 31st March 2015.


8) In accordance with RBI guidelines, Bank has shifted Securities amounting to Rs.153.03 crore from AFS to HTM category and Rs.598.91 crore from HTM to AFS category and the resultant depreciation of Rs.3.38 crore has been charged to Profit & Loss account of during the current quarter.


9) Pursuant to RBI circular DBR.BP.BC.No.31/21.04.018/2015-16 dated July 16, 2015, the Bank has, effective quarter ended June 30, 2015, included its deposits placed with NABARD / SIDBI / NHB on account of shortfall in priority sector targets under schedule 11 - "Other Assets". Hitherto these were included under "Investments". Interest Income on these deposits has been included under "Interest Earned - Others". Hitherto such interest income was included under "Interest Earned - Income on Investments". Figures for the previous periods have been regrouped / reclassifed to conform to current period's classification. The above change in classification has no impact on the profit of the Bank for the quarter ended June 30, 2015 or the previous period presented.


10) Provision Coverage Ratio as on 30.06.2015 is 75.01% .


11) Details of Investor Complaints for the quarter ended 30th June 2015
     i) Pending at the beginning of the quarter: 0 ,
     ii) Received during the quarter : 1 ,
     iii) Redressed during the quarter : 1,
     iv) Pending at end of the quarter : 0


12) Figures of the corresponding period have been re-classified/regrouped wherever considered necessary.



For and on behalf of Board of Directors

Place: Karur


Date:31.07.2015

K.Venkataraman

Managing Director& C.E.O

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