AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31st MARCH 2015

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(Rs. In lakhs)

Particulars 3 Months ended Year ended
31-Mar-15 31-Dec-14 31-Mar-14 31-Mar-15 31-Mar-14
Audited Reviewed Audited Audited
1. Interest earned
(a)+(b)+(c)+(d)
132782 136466 132274 539587 511596
a) Interest/discount on advances /bills 104446 106715 100264 421131 387200
 b) Income on Investments 28249 29287 30086 117755 119738
c) Interest on balances with RBI and other interbank funds 54 446 763 624 1092
d) Others 33 18 1161 77 3566
2. Other Income 17979 14714 14571 58084 56445
3. Total Income (1+2) 150761 151180 146845 597671 568041
4. Interest Expended 93044 97359 97441 392997 383226
5. Operating Expenses (i+ii) 31717 27552 28475 110345 101036
(i) Employees cost 15776 13979 14796 54705 52792
(ii) Other operatingexpenses 15941 13573 13679 55640 48244
6. Total Expenditure (4+5) excluding
provision and contigencies
124761 124911 125916 503342 484262
7. Operating Profit before Provisions and
Contingencies (3-6)
26000 26269 20929 94329 83779
8. Provisions (other than tax) and Contingencies 19483 10615 11003 48051 44231
9. Exceptional items 0 0 0 0 0
10. Profit /(Loss) from Ordinary activities before tax (7-8-9) 6517 15654 9926 46278 39548
11.Tax expense -6399 4266 -2033 717 -3412
12.Net Profit from ordinary activities after tax(10-11) 12916 11388 11959 45561 42960
13.Extraordinary items
(net of tax expense)
-867 0 0 -867 0
14.Net Profit for the period (12-13) 13783 11388 11959 46428 42960
15.Paid-up equity share capital (FV Rs.10/-) 12163 12098 10718 12163 10718
16.Reserves excluding Revaluation Reserve
(as per balance sheet of previous accounting year)
412440 321916 321916 412440 321916
17. Analytical Ratios
(i) % of shares held by Government of India 0% 0% 0% 0% 0%
(ii) Capital Adequacy
Ratio-Basel II
14.63% 13.98% 12.77% 14.63% 12.77%
Basel III 14.62% 14.01% 12.60% 14.62% 12.60%
(iii) Earnings per share (EPS) 
a)Basic EPS before and after extraordinary items (not to be annualized) 11.83 10.26 11.16 39.86 40.08
b) Diluted EPS before and after extraordinary items (not to be annualized) 11.81 10.22 11.07 39.78 39.78
(iv) NPA Ratios
a) Gross NPA 67778 68010 27918 67778 27918
b) Net NPA 28097 25661 13991 28097 13991
c) % of Gross NPA 1.85% 1.91% 0.82% 1.85% 0.82%
d) % of Net NPA 0.78% 0.73% 0.41% 0.78% 0.41%
e) Return on Asset(annualized) 1.04% 0.85% 0.93% 0.88% 0.86%
  3 Months ended Year ended
31-Mar-15 31-Dec-14 31-Mar-14 31-Mar-15 31-Mar-14
Audited Reviewed Audited Audited
18. Public Shareholding
Number of Shares 119000551 118350527 103954269 119000551 103954269
% of Shareholding 97.84% 97.82% 96.99% 97.84% 96.99%
19. Promoters and Promoter Group Shareholding  
  a) Pledged / Encumbered
-Number of Shares 227341 230163 320343 227341 320343
-Percentage of Shares (as  a % of the total shareholding of promoter and promoter group) 8.65% 8.74% 9.93% 8.65% 9.93%
 -Percentage of Shares (as a % of the total share capital of the Company) 0.19% 0.19% 0.30% 0.19% 0.30%
 
b) Non - encumbered          
- Number of Shares 2401717 2403834 2906494 2401717 2906494
- Percentage of Shares (as a % of the total shareholding of the Promoter and  Promoter group) 91.35% 91.26% 90.07% 91.35% 90.07%
-Percentage of Shares (as a % of the total share capital of the company) 1.97% 1.99% 2.71% 1.97% 2.71%

Business Segments
Segment Revenue

Rs.in lacs

1. Treasury Operations 32571 33539 31556 129950 134995
2. Corporate/Wholesale Banking Operations 42671 40576 40920 162332 149463
3. Retail Banking Operations 75182 76841 74010 304377 282266
4. Other Banking Operations 337 224 359 1013 1317
Total 150761 151180 146845 597672 568041
Segment Results
1. Treasury Operations 8049 6969 3358 23975 23886
2. Corporate/Wholesale Banking Operations 9449 8737 8432 34982 29303
3. Retail Banking Operations 12940 16313 16250 56779 61315
4. Other Banking Operations 308 207 331 933 1239
Total 30746 32226 28371 116669 115743
 
Unallocated Income/Expenses 4746 5957 7442 22340 31964
Operating Profit 26000 26269 20929 94329 83779
Income Taxes -6399 4266 -2033 717 -3412
Other Provisions 19483 10615 11003 48051 44231
Net Profit from ordinary activities 12916 11388 11959 45561 42960
Extraordinary items 867 0 0 867 0
Net Profit 13783 11388 11959 46428 42960
Other Information
Segment Assets
1. Treasury Operations 1278345 1420552 1327749 1278345 1327749
2. Corporate/Wholesale Banking Operations 1345414 1321628 1272730 1345414 1272730
3. Retail Banking Operations 2265480 2196859 2126483 2265480 2126483
4. Other Banking Operations 0 0 0 0 0
5. Unallocated Assets  426009 401202 427353 426009 427353
Total 5315248 5340241 5154315 5315248 5154315

Segment Liabilities

(` in lakhs)

  3 Months ended Year ended
  31-Mar-15 31-Dec-14 31-Mar-14 31-Mar-15 31-Mar-14
  Audited Reviewed Audited Audited
1. Treasury Operations 1270825 1401004 1361001 1270825 1361001
2. Corporate/Wholesale Banking Operations 1206539 1183930 1150919 1206539 1150919
3. Retail Banking Operations 2031715 1967955 1923325 2031715 1923325
4. Other Banking Operations 0 0 0 0 0
5. Unallocated Liabilities 382316 359245 386436 382316 386436
 
Capital Employed  423853 428107 332634 423853 332634
Total Liabilities 5315248 5340241 5154315 5315248 5154315

GEOGRAPHIC SEGMENTS:The Bank operates only in Domestic segment.


Statement of Assets and Liabilities


Capital and Liabilities As on 31.03.2015
Audited
As on 31.03.2014
Audited
Capital 12163 10718
Reserve and Surplus 412440 321916
Deposits 4469027 4375768
Borrowings 290075 329331
Other Liabilities and Provision 131543 116582
Total 5315248 5154315
 
Assets
Cash & Balances with RBI 269292 254620
Balances with Banks and Money at Call 5617 13203
Investments 1277300 1324700
Advances 3610894 3399213
Fixed Assets 41117 38470
Other Assets 111028 124109
Total 5315248 5154315

Notes:

1) The above financial results for the year ended March 31,2015 have been reviewed by the Audit Committee of the Board and approved by the Board of Directors at their meeting held on April 30, 2015. The same have been subjected to audit by the Statutory Central Auditors of the bank in line with the guideleines issued by Reserve Bank of India and as per listing agreement with the stock exchanges.


2) There has been no change in the accounting policies followed during the year ended March 31, 2015 as compared to those followed in the preceding financial year ended 31st March 2014 ,except for accounting of depreciation on fixed assets .
Depreciation on fixed assets : In the current year,effective from April 1, 2014 the Bank has changed the accounting policy of charging depreciation having regard to change in the estimated useful life of the assets, from Written down value ( WDV), method to Straight line methord ( SLM) in respect of all fixed assets other than buildings and computers , and computers however being depreciated under SLM.


3) The figures for the quarter ended 31st March 2015 and the corresponding quarter ended in the previous year as reported in these financial results are the balancing figure between audited figures in respect of the full financial year and the year to date figures upto the end of the third quarter of the relevant financial year.


4) The working results for the year ended 31st March 2015 have been arrived at after making provisions for Non-performing Assets, provision for Standard Assets, Depreciation on Investments, Taxes on Income and other usual and necessary provisions.


5) Pending final settlement of wage revision of employees, an expenditure of Rs. 20 Crore is provided during the year/quater apart from adhoc payment made to employees.


6) In terms of the Reserve Bank of India circular DBOD.No.BP.BC.80/21.4.018/2010-11 dated 9th February 2011 on amortization of expenses towards pension and gratuity liabilities, the outstanding balance of sum of Rs.16.90 crore has been charged to the Profit and Loss Account during the year ended 31st March 2015.


7)The Bank has recognized the Income Tax Liability of Rs. 103.78 cr on its Book Profits in terms of section 115JB of the Income Tax Act and the sum of Rs.63.86cr, being MAT credit entitlement under section 115 JAA of the Income Tax act, 1961 has been recognized and treated as an Asset.


8) In accordance with the RBI circular DBOD. No. BPBC.2/21.06.201/2013-14 dated 01.07.2013, banks are required to make half yearly Pillar III disclosures under Basel III capital requirements with effect from 30th September, 2013.The disclosures have been made available on the banks web site at the following link http://www.kvb.co.in/footer/pillarIII_disclosures.html


9) The bank has recognised i) Treasury; ii) Corporate & Wholesale Banking; iii) Retail Banking; and iv) Other banking operations as primary reporting segments. There are no secondary reporting segments


10) The Board of Directors recommend Dividend of Rs.13/- per equity share of Rs.10/- each for the year 2014-15


11) Details of Investor Complaints for the quarter ended 31st March 2015


12) Provision Coverage Ratio is 75.20% as on 31st March 2015


13) During the quarter ended 31st March 2015, the Bank had allotted 645085 shares pursuant to the exercise of stock options by certain employees. The total no of Shares allotted for the entire year is 14448503 . During the year, the Bank issued 13412015 shares having a face value of Rs.10/- at a premium of Rs.466 as Qualified investors Placement with necessary approval from SEBI and the expenses of QIP issue of Rs 7.40 crores was netted off against the share premium.


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


For and on behalf of Board of Directors

Place: Karur


Date:30.04.2015

K.Venkataraman

Managing Director& C.E.O

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